The Group Chief Executive Officer of Nigerian National Petroleum Company (NNPCL) Limited, Mele Kyari has said Nigeria would become a net exporter of premium
, Mele Kyari has said Nigeria would become a net exporter of premium motor spirit otherwise known as petrol by 2024.
The NNPC boss pointed out that while it was difficult to actually ascertain the amount of petrol consumed daily in the country; evacuations from depots have dropped by 30 percent since subsidy removal was announced. “So we were heading towards what we can call, technically, the bankruptcy of NNPC because we were going into negative cash flow. By the end of June 2023, we would have been in negative cash flow. What this simply means is that NNPC would have been bankrupt if that bold decision was not taken by the President.”
In June 2023, Kyari announced that private companies would have the opportunity to import fuel starting from June 2023, as the NNPCL plans to end crude oil swap contracts and switch to cash payments for fuel imports. President of PENGASSAN, Comrade Festus Osifo said the removal of subsidies and “the current state of our refineries are of paramount importance, touching the lives of every Nigerian. These are intricate challenges that demand comprehensive solutions, balancing economic viability and the well-being of our populace.”
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