Following the re-emergence of petrol queues in parts of the country, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has assured citizens that there is nothing to worry about as the situation will soon normalize.
Making this declaration after giving an update on the petroleum industry to President Muhammadu Buhari at the presidential villa, Abuja on Tuesday, he blamed the new queues on the industrial action embarked upon by petrol tanker drivers.
He said following the intervention of the corporation, the strike has been suspended for one week to enable a resolution to the grievances.
Asked about the fuel queues that were particularly pronounced in the Federal Capital Territory (FCT) on Tuesday, Kyari said: “These queues will go away. It’s because there was an industrial action by petroleum tanker drivers against their employers, the National Association of Road Transport Owners around their compensation package.
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“And those issues were not resolved up till yesterday, until we intervened to ensure that there’s 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.”
On the ongoing issue of petroleum subsidy, the NNPC boss said work on it was continuos to ensure that when the nation exits the policy, it would be fair for all concerned.
He added: “Subsidy is a policy matter. I’m sure you’re 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, we are engaging all parties and all stakeholders as government to make sure that at the end of the day, there’s 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.”
On the impact of the rising crude oil price on the corporation, the GMD said it has both benefits and drawbacks.
He explained: “You know, it works both ways. Once prices increase, your revenue also increases. 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.
“There’s a balancing factor. I don’t think there’s anything much to worry about.”
He affirmed that Tuesday’s meeting with President Buhari was routine.
“My visit is a regular update visit, it’s not for public, but of course, it’s usual for the Group Managing Director to continuously brief Mr President on updates in the industry and what is going on in the country around our business,” he stated.
(Editor: Nkoli Omhoudu)
