The Nigerian National Petroleum Company Limited (NNPC Ltd), sees the decision to remove subsidy on Premium Motor Spirit (PMS) known as fuel by President Bola Tinubu, as a welcome development.
Mallam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd, made this known at the NNPC Towers in Abuja, while briefing newsmen late on Monday night, May 29, after the pronouncement by President Tinubu. Kyari, while addressing newsmen, said the removal of subsidy which had been a burden on NNPC’s cash flow, would free up funds to enable optimal operations in the company.
Reacting to queues and scarcity already being experienced, the GCO assured Nigerians of sufficient supply of products particularly the PMS, adding that the company has over 30 days of PMS storage and supply. He says “There is no reason to panic, we understand that people will be scared of potential changes in price of petrol, that is not enough for people to rush to buy more than they need”. He however appealed to Nigerians not to be scared or indulge in panic buying.
He added that the company as the supplier of last resort as mandated by the Petroleum Industry Act (PIA), would continue to ensure availability of PMS and other petroleum products. According to him, the NNPC Ltd, is also monitoring all its distribution networks to ensure compliance.
He said NNPC Ltd, is in discussion with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to develop a framework of the implementation of the removal of the PMS subsidy, as announced by President Bola Tinubu.
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