NNPCL assures of steady fuel supply, ahead of yuletide

The Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), Alhaji Mele Kyari has assured that in three months the country would not experience fuel qeues.

Kyari said this when he paid a courtesy visit to the leadership of the Senate.

He said that the passage of the Petroleum Industry Act (PIA) had ensured that energy supply was stable and creating cheaper energy for Nigerians .

"And I guarantee you, your excellency, that we will not see any shortages in our country.

“You may see a number of scattered reports about filling stations that people will call queues. They are not,” he said.

While linking the challenges in the sector to oil theft and pipeline vandalization, Kyari said that the country had recovered up to N1.7 million barrels of crude oil following increased monitoring by the independent pipeline security companies and the military.

“In the last 5–6 months, government security agencies and private security companies have done things differently, and it has yielded results.”

He said that NNPCL was resolute about meeting its targeted contribution to the budget.

He assured that the NNPCL would restart the Port Harcourt refinery in December, to be followed by the Warri refinery in the first quarter of 2024.

This, he said, would be complimented by small-scale refineries.

Keyari said that the corporation had recorded a N274 million profit in 2021, a growth from 2018.

He said that the NNPCL may post profits in excess of N2 trillion in 2023, adding that in 2024 Nigeria would be a net exporter of petroleum products.

The President of the Senate, Godswill Akpabio, tasked the management of the NNPCL with seeking ways of deepening the consumption of locally produced petroleum products.

He also called for the establishment of modular refineries as well as the renovation of existing ones to create a multiplier effect, which would include the creation of jobs for youths and more security for the country.

He said the Senate was supporting the efforts to end oil theft and pipeline vandalism, which, according to him, were resulting in revenue losses to the nation.

The Senate President said that the Senate would partner with the NNPCL in creating legislation that would smooth the ease of business for stakeholders in the oil and gas sector.

He commended the corporation for ensuring an end to the fuel subsidy regime and called for capacity building for legislatures to ensure proper legislative input in the sector.

“Nigerians want to hear good news and you came with a very good news. And this is good news.”