Dangote, PH, Warri, refineries, others won’t change new fuel price, its here to stay – NNPCL reveals

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Mele Kyari, NNPC Limited Managing Director
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Dangote, PH refineries, others won’t change fuel price – NNPCL

 

The Nigerian National Petroleum Company Limited has stated that the local production of Premium Motor Spirit, also known as petrol, by Dangote Refinery, Port Harcourt Refining Company, and others in Nigeria will not affect the pump price of the commodity.

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On Thursday during an interview on Arise television in Abuja, Mele Kyari, group chief executive officer of the NNPCL, stated that the notion that fuel prices would decrease once the country begins domestic production was false.

 

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Kyari confirmed that the Dangote Refinery, which was inaugurated by former President Muhammadu Buhari on May 22, 2023, would begin producing goods by the end of July or the beginning of August.

 

In addition, he stated that the Port Harcourt Refinery would be delivered by the end of the year and that the facility was anticipated to increase local petrol production.

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Kyari, however, stated that despite the expected volume of petrol from these facilities, the commodity’s price would not decrease, regardless of the fact that the product was produced locally.

 

“There is a belief that prices will decrease if the product is processed locally. Let me make it clear that nothing will change as a result. If you produce locally, the refineries will also factor in production costs and other variables, and the product will be sold at the current price.

 

Also Read: Subsidy removal: NNPC gives deadline for cessation of fuel queues

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Kyari stated, “There will also be no subsidy when local production begins, as there is no cash-to-back subsidy and the country lacks the resources to continue subsidy.”

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Fuel queues

During a second interview with Channels TV, the NNPCL chief stated that the nationwide fuel lines would be cleared by Saturday.

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“I don’t anticipate it lasting more than another day or two. Actually, it can be on Saturday. We have provisions. Supply is the primary issue with the PMS system, but I have supplies.

 

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“There are over 810 million litres of PMS in depots, tanks, and fuel stations across the country, so transferring them from marine to land is not a problem; they are already on land,” he explained.

 

He confirmed that the NNPCL was the source of the PMS pricing document for various states that trended on the internet on Wednesday.

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