The Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari, has denied allegations making the rounds that the federal government may be paying subsidy on fuel imports to stabilise the price amidst forex fluctuations. Kyari, who met with President Bola Tinubu on Monday, at the Presidential Villa, claimed that the market
forces of demand and supply was simply playing out. The NNPC GMD also disclosed that over 1.4 billion litres of fuel products are currently in stock, both marine and land. He reasoned that the semblance of queues coming up in parts of the country may be due to little price differentials among the marketers, including poor road networks hampering the transportation of products across the country.
So there is no fear—nothing to bother about. But we are also happy that the market forces are now playing out and marketers are competing and of course there are a few issues we're engaging them to resolve alongside other agencies of government and critical issues around access to foreign exchange'. Commenting on the challenges associated with accessing forex to facilitate product availability, Kyari said the government is working on modalities to ensure the supply of FX into the market.
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