The NNPCL has ensured there is an abundant supply of 1. 8 billion litres of petrol, which will not result in queuing any longer than it did on Saturday.
The NNPCL has confirmed that there are 1. 8 billion liters of petrol currently available and they expect the fuel shortages to be resolved by Saturday, 3rd June, thereby ending the long queues at filling stations nationwide.
During an interview on Channels Television in Abuja on Thursday, Mele Kyari – the CEO of NNPCL’s Group – revealed this information.
Kyari predicted that it would not persist for more than a day or two, at most. The possibility exists for it to occur on Saturday. We possess provisions/ We hold stock. While the primary issue with the PMS system concerns availability, I am equipped with an ample amount of stock.
According to him, there’s a sufficient stock of PMS in storage facilities, tanks, and fuel stations all over the nation. Therefore, the challenge of moving them from water to land does not exist since they are already present on the ground.
He verified that the pricing document for several states under PMS which gained popular traction on the internet yesterday originated from the NNPCL.
The chief of NNPCL stated that the domestic manufacture of Premium Motor Spirit, also called gasoline, by entities such as Dangote Refinery and Port Harcourt Refining Company in Nigeria would not have an impact on the cost of the product at the gas pump.
Kyari stated that the Dangote Refinery, which was officially unveiled by former President Muhammadu Buhari on May 22, 2023, is scheduled to commence production and delivery of products by late July or early August.
Furthermore, he proclaimed that the Port Harcourt Refinery is projected to enhance the domestic production of gasoline and shall be completed by the concluding months of the year.
He emphasized that the belief that the production of petrol within the country would result in a decrease in petrol prices was inaccurate.
Kyari stated that even though these facilities are projected to produce a large quantity of petrol, the price of the product will not decrease despite being locally manufactured.
According to him, a common belief is that manufacturing products locally can result in reduced prices. Just to clarify, any modifications made will have no effect. If you manufacture in the same area, the refineries will consider the expenses associated with production and other factors before selling at the prevailing rate.
Kyari stated that there will be no subsidy once domestic production begins because there is no available financial subsidy, as the country lacks the resources to maintain it.