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HomeBusiness NewsRefineries Not Created To Reduce Petrol Price – NNPC Boss, Kyari

Refineries Not Created To Reduce Petrol Price – NNPC Boss, Kyari

The Group chief executive officer of Nigeria National Oil Company (NNPC) Limited (GCEO), Mele Kyari, said the oil refinery was not created to lower gasoline prices.

Kyari said this on Friday when he appeared before the Parliamentary Joint Committee on spending.

Freshreporters News recalls that the Senate Committee on Wednesday issued a 24-hour ultimatum to Kyari and the Secretary General of Nigeria’s Upstream Oil Regulatory Commission (NUPRC), warning that failure to appear would undermine Parliament and disrupt the process.

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Speaking during his appearance, Kyari said that the expected functionality of the refinery does not guarantee a potential drop in pump prices for oil, as it is not the main purpose of the refinery.

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He stressed that maintaining energy security goals has fostered confidence that Nigeria will become a net exporter of petroleum products in 2024.

The NNPCL boss confirmed that no subsidies were being billed to the Commonwealth, adding that the NNPC contributed 4.45 trillion naira as revenue directly to the Commonwealth in a combination of taxes, royalties and dividends from 2023/7 and paid 4060 billion naira as dividends to federal accounts.
According to Kyari, Nigeria does not have reliable data on PMS consumption in the country because it has no means to measure…[CONTINUE READING HERE]>>

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