TheThe Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has revealed that the administration of President Bola Tinubu has concluded an arrangement to have one of the four refineries repaired and operating at an optimal level before the end of the year.
The NNPC said this when he visited the National Chairman of the All Progressives Congress, Senator Abdullahi Adamu, at the party secretariat in Abuja said that following the hike in pump price and the resultant effect on commercial fare, the president is working out some palliative measures to ease the pains of Nigerians.
According to him, there is an ongoing process of rehabilitation to ensure one of the refineries is ready this year.
“I’m aware that Mr president has directed some engagements and some palliatives will be put in place. I am very sure this will happen. There is an ongoing process of rehabilitation. One of them will come this year, the second one will come on stream next year and then the third will follow thereafter.
“Of course, it is very obvious that we can no longer afford subsidy. Subsidy bills have piled up. The country is not able to settle NNPC for the money we are spending on subsidy. Therefore, pricing this petroleum at the market price is the right thing to do at this point in time and I believe it would benefit the country in the long term,” he said.
Discussion about this post