Unperturbed by queues that have resurfaced in petrol stations in the Federal Capital Territory, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, says the queues will soon vanish.
“These queues will go away. It is because there was an industrial action by petroleum tanker drivers against their employers, the National Association of Road Transport Owners around their compensation package.
“And those issues were not resolved up till yesterday, until we intervene to ensure that there is an amicable settlement between the parties so that they will have peace and then normal loading operations will commence from the depots.
“As I speak to you at this moment, loading has commenced in all depots in the country, dispatches of trucks are ongoing in all the depots in the country and they have called off the strike for a period of one week to enable us intervene and find a solution.
“So there’s really nothing fundamental that is happening now,” Kyari told State House correspondents on Tuesday.
Persecondnews reports that Kyari had met with President Muhammadu Buhari to give him updates in the oil and gas industry.
On the vexed issue of petrol subsidy, Kyari explained that the best framework for a fully deregulated market was ongoing and would soon be ready.
He said: “Subsidy is a policy matter, I’m sure you are aware of this. There are engagements going on within government to get the best framework for having a fully deregulated PMS market.
“As this is going on, were engaging all parties and all stakeholders as government and to make sure that at the end of the day, there is an exit that is beneficial to the ordinary man.
“That is why we know we will not be able to complete that in the month of May and therefore we declared that there will be no increase in fuel price. I have no update in hand now, this is beyond me, but we’re engaging to make sure that we have the right timeline.
“Today, I think they save about $6 to $7. How does that indicate the fact that we are talking about subsidy?”
The NNPC CEO said government was still in the process of working out the best way out of the current situation, which according to him, will be in the best interest of the ordinary citizen.
On how recent rising crude oil price in the internet market is impacting on the corporation’s revenue, Kyari responded:”You know it works both ways, once prices increase your revenue also increases.
“There is a balancing factor and I don’t think there is anything much to worry about.
“So I don’t have any numbers around it but I also know that your obligation to price of petroleum increases and your net revenue also increases.”