June 23, 2024
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NNPC Remains Sole Importer of Petrol due to Foreign Exchange Volatility

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mr Mele Kyari, has said that the reason why NNPC is the sole importer of petrol into Nigeria is foriegn exchange volatility. He made this known on Wednesday, while addressing the senate house committee on finance.

Kyari said that oil marketers decided to quit importation because they could not put up with the fluctuations in price in the downstream sector.

“The oil companies withdrew because they can’t manage the oscillation and responsibility that the Petroleum Industry Act imposed on us. We have the market, and I can assure you that we are managing it”, he said.

As reported by Daily Post Newspaper, in July, Emadeb Energy Services Limited imported 27 million litres of petrol into the country but could not sustain it.

Also, the Independent Petroleum Marketers Association of Nigeria, the Depot and Petroleum Marketers Association of Nigeria, and the Major Marketers Association of Nigeria have reportedly boycotted the product importation due to foreign exchange volatility.

The GCEO was at the Senate house for an interactive session on the production projections made for crude oil in the 2024 budget.

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