Refineries Not Created To Reduce Petrol Price – Kyari

The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has said oil refineries were not created to reduce petrol prices.

Kyari stated this on Friday when he appeared before the National Assembly Joint Committee on Appropriations.

Recall that the Senate Committee had issued a 24-hour ultimatum on Wednesday to Kyari and the Executive Secretary of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to appear and warned that failure to appear undermines the legislature and sabotages the process.

Speaking during his appearance, Kyari said the expected functionality of refineries does not guarantee a potential drop in the pump price of petroleum because it is not the main objective of the refineries.

He buttressed that maintaining the energy security target has fostered the confidence that in 2024, Nigeria will become a net exporter of petroleum products.

The NNPCL boss affirmed that no subsidy is charged to the federation, adding that the NNPC has contributed 4.45 trillion naira as direct revenue into the federation in a combination of taxes, royalties and dividends and paid 406 billion naira as dividends to the Federal Government’s account from July 2023.

According to Kyari, Nigeria does not have credible data for PMS consumption in the country because of the absence of an instrument to measure.