Group Managing Director of the Nigerian National Petroleum Company Limited, (NNPCL) Mele Kyari has assured that other players in the downstream sector of the oil industry will be given adequate leverage to join the oil giant in the importation of Premium Motor Spirit (PMS) otherwise called petrol.
Kyari gave the assurance on Thursday in Abuja after a closed-door meeting with the national leadership of the All Progressives Congress held at the party’s national secretariat.
Certain players in the sector, the Independent Petroleum Marketers Association of Nigeria, (IPMAN) the Major Oil Marketers Association of Nigeria, (MOMAN) and the Depot and Petroleum Marketers Association of Nigeria, (DAPMAN) have continued to kick against the existing arrangement which leaves the NNPCL as the sole importer of petrol.
The GMD, NNPC said an enabling investment climate which would make it possible for other stakeholders in the industry to adequately partake in the importation of the products would soon be put in place.
He said: “There is a gradual 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 NNPCL cannot continue to be the sole importer. We know that this is going to vanish and the market will stabilize this.”
Kyari also disclosed that plans are at an advanced stage to put the country’s four refineries in good shape in order to augment importation.
“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.”
He however maintained that the subsidy regime was gone for good and it would not be reversed by the present administration.
“Of course, it is very obvious that we can no longer afford it. Subsidy bills have piled up. The country is not able to settle NNPCL for the money we are spending on the subsidy. Therefore pricing this Petrol at the market is the right ring to do at this time. We believed that this will benefit the overall country in the long run and a long term.
“I am aware that Mr President has directed some engagement and some palliative measures will be put in place. And I am very sure this will happen.”