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“Fuel Subsidy Is Gone Forever” – NNPC Group Managing Director, Mele Kyari

Politics

“Fuel Subsidy Is Gone Forever” – NNPC Group Managing Director, Mele Kyari

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The NNPC Group Managing Director – Mele Kyari – said while on Africa Independent Television (AIT) that the era of fuel subsidy is gone forever in Nigeria.

Mr Kyari said in the interview that – “There is no fuel subsidy anymore in Nigeria, It is zero subsidy forever.”

He further stated; “There would be no resort to either fuel subsidy or under-recovery of any nature. NNPC will play in the petroleum marketplace, just like another marketer in the space.”

“But we will be there for the country to sustain the security of supply at market price,” he said, indicating the government was not deregulating the petrol sub-sector, and would still fix prices.

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The Director – Mr Kyari – described NNPC as a transparent organisation, saying “NNPC is probably the only company in the whole world that publishes its MONTHLY financial and operational reports. And we are very proud to do this. We can guarantee all Nigerians that we shall remain #Transparent and #Accountable in all our transactions.”

“The key issue in the crude oil business is market fundamentals of demand and supply. I believe #COVID-19 will subside and countries will come back to life. I don’t see oil prices going below the $20 we saw last week. I’m certain, all things being equal, oil price will bounce back,” Mr Mele Kyari said.

The NNPC Director assured Nigerians of adequate supply and distribution of petroleum products across the country, saying regardless of the coronavirus pandemic, the corporation had in stock about 2.6 billion litres of petroleum products that could serve the country’s energy needs for the next two months.

Image: NNPC Group Twiter