Refineries are not created to reduce fuel price – NNPCL boss, Kyari explains


Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, stated that the main objective of creating refineries is not to reduce fuel price.

The NNPCL GMD also said that maintaining the energy security target has helped increase the confidence that in 2024, Nigeria will become a net exporter of petroleum products.

He also noted that no subsidy is charged to the federation, adding that the NNPC has contributed 4.45 trillion naira as direct revenue into the federation in a combination of taxes, royalties and dividends and paid 406 billion naira as dividend to Federal Government’s account from July 2023.

Kyari also disclosed that Nigeria does not have credible data for PMS consumption in the country because of the absence of the instrument to measure.