The Nigerian National Petroleum Company Limited has stated that prospective increases in petrol prices are insufficient justification for Nigerians to indulge in panic-buying..
According to Nairametrics, the Group Chief Executive Officer of the NNPCL, Mele Kyari, made this statement to the press on Monday.
He claimed that the NNPCL is present to make sure that there is a sufficient supply of petroleum products, especially premium motor spirit generally known as petrol.
Kyari stated that the business is keeping an eye on all of its distribution networks to ensure compliance.
“We want to reassure Nigerians that there is no need to fear because we have a sufficient supply of petroleum products, especially PMS, in the country. We understand people are scared of changes but we assure you that there is no reason to panic.”
Mele Kyari, during a news conference on Monday, stated that the announcement by the next president on the removal of fuel subsidies is a positive move. The NNPC Limited, according to him, is in favor of the policy.
This is due to the fact that the company has been heavily taxing its resources by using a portion of its cash flow to pay subsidies.
Recall that in February 2023, Mele Kyari claimed that the NNPCL’s monthly payments of N400 billion in fuel subsidies were depleting the company’s financial resources.
President Tinubu’s announcement, in Kyari’s opinion, will allow NNPC Limited to realize its potential as a genuinely commercial corporation.
“We applaud Mr. President’s decision to declare that the PMS subsidy is ending since this has really been a significant problem for the NNPCL’s ongoing operations. The NNPCL’s cash flow has been used to pay for the subsidy.
“We think that this choice will free up funding for the NNPCL to keep carrying out the wonderful things that this firm will do for this country as it allows us to continue to function as a very commercial entity,” he said.
