Mele Kyari
HighlightTop StoryTrending Story

Over 200 illegal refineries operating in Nigeria, says Mele Kyari

105

The Group Managing Director and CEO of the Nigerian National Petroleum Company (NNPC) Ltd, Malam Mele Kyari, has disclosed that over 200 illegal refineries are operating across the country.

He said no government-owned refinery is working in the country at the moment, but that the NNPC “is in the process of doing a quick fix on the Warri refinery”, Persecondnews reports.

Kyari disclosed this when he appeared before the House of Representatives Joint Committee on Petroleum Resources (Downstream), investigating the increase in prices of diesel and cooking gas.

On petrol supply across the country, Kyari said no one could guarantee the security of petroleum supply, as countries are preserving excess volume that they have.

According to the NNPC boss, the solution to the current energy challenges include restoration of crude oil production and the provision of more foreign exchange by the Central Bank of Nigeria (CBN) to oil marketers.

He added that massive intervention is currently ongoing towards resolving the issues by the end of July.

He said: “At these illegal refineries there are people from all works of life there. Many of these people are completely armed and the community members cannot even report them, they are helpless because if they report them, they will come after them.

“My suggestion this moment is deliver supply, make sure oil marketers are also able to import, and there is need to engage the CBN to create more dollars, once we do these, dollars will be allocated for the import of AGO, the will also dampen the effects of going to buy dollar in the open market.

“So you can have cheaper dollar and definitely it will affect the price. Secondly, the regulatory institutions, the authority, Consumer Protection Council and NNPC, I suggest we need to sit jointly to see how arbitrage can be managed so that the end-user is not completely exploited.”

On whether the federal government will intervene in diesel pricing, Kyari ruled out the possibility of returning to the regime of subsidising diesel and LPG.

Leave a comment

Related Articles

Food security: 1.3m Nigerians to benefit from Ukraine’s grain donation, says WFP

About 1.3 million Nigerians impacted by the rising cost of food in...

Forex crisis: FG slams $10bln fine on Binance

The Federal Government has fined a crypto trading platform, Binance, $10 billion...

CBN to sell N1.64trn Treasury bills in Q2 2024

The Central Bank of Nigeria (CBN) has said it will sell Treasury...

African Games 2023: Sports Minister to Team Nigeria: Shatter the Records

With less than eight days to the African Games 2023, Nigeria’s Minister...

Developing law enforcement standards, policing in Nigeria on course, says Police I-G Egbetokun

The Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, has said the mission...

Prof. Soyinka, at Punch’s 50th anniversary, canvasses Nigeria’s decentralisation

Prof. Wole Soyinka, the Nobel laureate, said on Thursday that the decentralization...

We committed $600m to health in Nigeria in 2023, says U.S. Govt.

The United States Government has disclosed that it has committed $20 billion...

Nigeria lacks sufficient reserves to tackle FX demands, backlog in the market, says expert

An economist, Mr. Esili Eigbe, has said Nigeria lacked sufficient reserves to...

NNPCL advocates “War Room” to tackle challenges faced by independent producers

The Nigerian National Petroleum Company Limited (NNPCL) has called for a stronger...

NLC protests: Tinubu spanks labour, urges a breather for his 9-month-old govt

The organized labour under the aegis of the Nigeria Labour Congress (NLC)...

Corruption will go away from Nigeria, says Pres. Tinubu as he inaugurates Lagos rail project

President Bola Tinubu inaugurated the Red Line rail project of the Lagos...

Pogba handed four-year ban for doping

Juventus’ star midfielder, Paul Pogba, has been handed a hefty four-year ban...

Cristiano Ronaldo suspended over alleged offensive gesture in Saudi League game

Saudi Arabia’s football governing body has suspended Cristiano Ronaldo for one game...

Alleged N178bln debt: Reps dismiss petition against NPA, laud Bello-Koko, NPA 

A petition alleging that Mr. Bello Koko, the Managing Director of the...

FG set to sign executive order to control rising drug prices

In a bid to control escalating drug prices across the country, the...

Akeredolu: Pres. Tinubu in Owo, Ondo State, extols him a fearless fighter

Barely a week after the late Governor of Ondo State, Rotimi Akeredolu,...

Abuja power supply drops by 250 MW as vandals destroy Gwagwalada-Katampe transmission line

The Transmission Company of Nigeria (TCN) has disclosed that Tower 70 along...

NNPC Ltd, OPEC pledge collaboration to attract investments, grow production

The Nigerian National Petroleum Company Limited (NNPCL) and the Organization of the...

Just in: Senate grants Tinubu’s request to sack FCCP boss

The Senate has approved President Bola Tinubu’s request to sack the Federal...

Oronsaye report: FG allays fear of job losses in rationalized agencies, parastatals

The Minister of Information and National Orientation, Mohammed Idris, has dismissed the...