By Akombo Aondona, Abuja
Group Managing Director, Nigerian National Petroleum Corporation (NNPC) Mene Kyari on Thursday, 1 June 2023 told the ruling All Progressive Congress, APC National Working Committee, NWC that the corporation can no longer act as sole importers of fuel into the country to stabilize fuel market.
Addressing journalists after the meeting with APC NWC at the National Secretariat, Abuja Kyari said there was an ongoing process of rehabilitation of refineries and one would come on stream this year.
Kyari said: “There is a gradually process now of making a flexible and single effect regime. Everyone will be able to have access to foreign exchange and there is a transition going on now. And NNPC cannot continue to be sole importer. We know that this is going to vanish and the market will stabilize this.
“There is an ongoing process of rehabilitation and one of the refineries will come on stream this year. The second will come on stream next year and the third will come in 2025.”
Kyari added: “Of course it is very obvious that we cannot longer afford it. Subsidy bills have pile up. The country is not able to settle NNPC for the money we are spending on the subsidy. Therefore pricing petroleum at the market is the right ring to do at this time. We believed that this will benefit country in the long run and in a long term.
“I am aware that Mr President has directed some engagement and some palliative will be put in place. And I am very sure this will happen.”
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