The Nigerian National Petroleum Company Limited (NNPCL) has assured Nigerians that there will be no fuel queues in the country for the next three months.
The company’s Group Managing Director, Mele Kyari, made this assurance during a courtesy visit to the leadership of the Senate on Wednesday.
Kyari attributed the stability in fuel supply to the passage of the Petroleum Industry Act (PIA), which he said has ensured a “stable energy supply and cheaper energy” for Nigerians. He further stated that the NNPCL has robust supply plans in place for the next three months, adding that the company is committed to optimally providing petroleum products to consumers.
The NNPCL GMD also revealed that the company has recovered up to N1.7 million barrels of crude oil following increased monitoring and supervision of oil pipelines by independent pipeline security companies and the military. This, he said, has been a significant step in addressing the challenges posed by oil theft and pipeline vandalisation in the country.
“In the last five to six months, government’s security agencies and private security companies have done things differently, and it has yielded results,” he said.
Kyari further assured the Senate that the Port Harcourt refinery will be restarted in December, followed by the Warri refinery in the first quarter of 2024. He added that these efforts will be complemented by the establishment of small-scale refineries.
On the financial front, Kyari maintained that NNPCL may post a profit in excess of N2 trillion in 2023. He also expressed optimism that Nigeria will become a net exporter of petroleum products by next year.
In his response, Senate President Godswill Akpabio commended the NNPCL for its efforts in ensuring fuel stability in the country. He also urged the company to explore ways of deepening the consumption of locally produced petroleum products.
