Article Summary
- NNPCL said Nigerians should stop engaging in panic buying of petrol.
- The Group CEO of the company believes that the NNPCL is well equipped to handle its distribution networks to ensure a continuous supply of petroleum products.
- NNPC Limited also said that it welcomes the declaration of the removal of fuel subsidy by President Tinubu.
The Nigerian National Petroleum Company (NNPC) Limited has said that the potential changes to petrol price are not enough reason for Nigerians to engage in panic buying of the commodity.
NNPC’s Group Chief Executive Officer, Mele Kyari, stated this yesterday, Monday, May 29, while addressing the press.
According to him, the NNPCL is on hand to ensure a continuous and sufficient supply of petroleum products, particularly premium motor spirit (PMS), also called petrol.
According to Kyari, the company is monitoring all its distribution networks to ensure compliance. He said:
- “We would like to assure Nigerians that we have a sufficient supply of petroleum products, particularly PMS in our country and there is no reason to panic. We understand that people will be scared of potential changes to the price of petrol.
- “But that is not enough for people to rush to fuel stations to buy more than what they need. We are watching all the distribution networks, and support facilities and we believe that normalcy will be restored very soon.”
Fuel subsidy removal is a welcome development
While addressing the press on Monday, Mele Kyari said that the declaration made by the new president about the removal of fuel subsidies is a welcome development. He said the NNPC Limited is in support of the policy.
This is because the company has been using some of its cash flow to make subsidy payments and this has been a huge burden on the company’s resources.
According to Kyari, the declaration by President Tinubu will enable NNPC Limited to actualize its potential as a truly commercial entity. He said:
- “We welcome the decision of Mr. President to announce that the subsidy on PMS is over and this has really been a major challenge for the NNPCL’s continued operation. We have been funding the subsidy from the cash flow of the NNPCL.
- “We believe that this decision will free resources for the NNPCL to continue to do the great works that this company will do for our country. It allows us to continue to function as a very commercial entity. We welcome this development.”
Recall that in February 2023, Nairametrics reported that Mele Kyari said that the N400 billion fuel subsidy payments made by the NNPCL on a monthly basis are draining the company’s resources.
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Nairametrics earlier reported that fuel queues have reappeared in some parts of Lagos, as many people rushed to fill up their tanks after new President, Bola Ahmed Tinubu announced in his inauguration speech that fuel subsidies would be “no more”.
Findings by Nairametrics showed that some filling stations sold petrol at about N600 per litre on Monday May 29, over 3x the official pump price of N185/ litre.
Then do.something.to the racketeers and dispensing.ststions. It’s all nonsensical. The agencies do not protect the people. By now we should have social.medoa platforms including phone numbers we can report unscrupulous filling stations and the agencies must make serious example of some of them.to.serve.as deterrent
Nigeria is not lawless but the people are greedy and wicked. The family unit is rotten. We pray, fast in churches, mosques and traditional centres yet we are the greatest sinners on earth. Tinubu must show he is capable right from Day 1. There must be order and rules must be obeyed. We all love to japa. Let us do what they are doing in those countries we love to go here