The Group Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPC) Limited, Mele Kyari, has disclosed that the corporation pumps over 66 million litres of Premium Motor Spirit (PMS), popularly known as petrol, into the market daily.
Kyari made this revelation during an interview with reporters on Wednesday in Abuja, where he also highlighted the challenges facing the downstream sector of the oil industry in Nigeria.
He noted that despite the NNPC’s best efforts to ensure an uninterrupted supply of PMS across the country, some marketers were still engaged in hoarding and diversion of petroleum products, leading to supply shortages and long queues at petrol stations.
Kyari emphasized the need for collaboration among stakeholders in the downstream sector to address these issues and ensure a stable supply of petroleum products to Nigerians.
He also reiterated the NNPC’s commitment to boosting local refining capacity to reduce the country’s dependence on imported petroleum products and increase local production.
Kyari further called for the removal of fuel subsidies, noting that it was not sustainable and had led to huge financial losses for the country.
He argued that the government needed to redirect the funds used for fuel subsidies towards developing critical infrastructure and social services for Nigerians.
Kyari stressed the need for all stakeholders to work together to address the challenges facing the downstream sector of the oil industry in Nigeria.
He called for increased transparency and accountability in the operations of the sector to promote investor confidence and attract much-needed investment in the industry.
