The spokesperson for the Nigerian National Petroleum Company Limited (NNPCL), Mr. Olufemi Soneye, states that the Group Chief Executive Officer (GCEO) of the company, Mr. Mele Kyari, ensures that Nigerians buy fuel at N620 per liter for over a year, even when the landing cost exceeds N1,100.CONTINUE FULL READING>>>>>
Soneye, who serves as the Chief Corporate Communications Officer of NNPCL, makes these remarks on Tuesday in response to calls for Kyari’s removal by protesters. According to Soneye, the protesters’ demands are based on a misunderstanding of the fuel supply chain and the challenges facing the sector.
He clarifies that Kyari is not responsible for the recent increase in fuel prices, stating, “If they were better informed, they would know that the GCEO is not the cause of the fuel price hike. Mele Kyari ensures that Nigerians buy fuel at N620 per liter for over a year, despite the landing cost being over N1,100.”
Soneye also refutes claims that NNPCL imports adulterated fuel, urging anyone with evidence of such practices to come forward with samples. “NNPC Ltd. does not import adulterated fuel. If anyone has evidence to the contrary, they should provide samples. We have more pressing issues to focus on, particularly on securing the nation’s energy future,” he adds.
The statements come in response to a protest on November 4, 2024, when a group gathers at the NNPCL headquarters in Abuja. The demonstrators, organized by the Citizens and Economic Freedom Rights Activists in Nigeria (CEFRAN) and the Two Million Man March Against Oil Scam Cabal, demand an end to the importation of what they claim is adulterated fuel into Nigeria. The protesters express frustration with the ongoing fuel shortages, which they describe as a “national disgrace,” and call for an immediate end to fuel queues in the country
The confirmation that NNPCL maintains fuel prices at N620 per liter despite a landing cost of over N1,100 suggests that the company has been effectively subsidizing fuel prices for over a year. This implies that the government has been covering a subsidy of nearly N500 per liter.
An earlier document, which was later denied by government officials, projects that fuel subsidy payments will reach N5 trillion in 2024. This latest development further highlights the financial burden of fuel subsidies on the national economy despite ongoing discussions about the need for subsidy reforms.CONTINUE FULL READING>>>>>
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