Mele Kyari Says ‘Subsidy’ Truly ‘Gone For Good’… Allays Public Anxiety Over Petrol Scarcity
Petrol subsidy is ‘truly gone’ and the Federal Government has not reintroduced it, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr. Mele Kyari, has clarified.
Team@orientactualmags.com learned that he has also explained that queues seen at petrol stations was due to challenges recorded with regard to distribution of the petroleum product and not as a result of lack of supply.
‘No subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market, and we understand why the marketers are unable to import.
We hope that they do it very quickly and these are some of the interventions the government is doing. There is no subsidy’ Kyari told State House Correspondents on Monday after a closed-door meeting with President Bola Tinubu at the Presidential Villa, Abuja.
‘We have seen in a very few states pockets of very low queues not unconnected with the road conditions.
We’re seeing the number of blockades on our roads, products crossing from the southern depots to the northern part of the country, and it takes them much longer than they do before.
They have to reroute the trucks around many locations for them to be able to reach, creating delays and some supply gaps. But that has been filled and we do not see such problems again’ he added.
Kyari also submitted that the full deregulation of the downstream sector has created ‘market competition’.
‘You must have noticed that some fuel stations will reduce prices by two Naira and three Naira, so customers will naturally run to the places where you have that price reduction.
That creates panic because those who don’t know why they are doing it will think that something wrong is happening.
Supply is robust. We have over 1.4 billion litres of product, both marine and land. Also, there are no issues around delivering those products onto the land. So, there is no fear, nothing to bother about’ he submitted while adding that the NNPCL is liaising with the marketers to address the FOREX challenges.
Recall that President Bola Tinubu had in his inaugural speech on Monday, May 29, 2023, declared that ‘subsidy is gone’.
This had made pump price of petrol increase from N197 to between N480 and N570 and later N620-Team@orientactualmags.com
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