“Refineries Are Not Created To Reduce Fuel Price” – NNPC Boss, Meli Kyari (DETAIL)

Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, who appeared before the Senate joint committee on appropriations today, December 8, stated that the main objective of creating refineries is not to reduce fuel prices.

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

He also 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 dividends to the 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 an instrument to measure it.