Sunday , March 3 2024

NNPCL is sole importer of fuel in Nigeria – Kyari

 
Mele Kyari, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, has blamed foreign exchange volatility as the reason it is the sole importer of Premium Motor Spirit, popularly known as petrol, into Nigeria.
 
Why NNPCL is sole importer of fuel in Nigeria – Kyari

 

He disclosed this on Wednesday while addressing the Senate Committee on Finance.

“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.

Recall that in July, Emadeb Energy Services Limited imported 27 million litres of petrol into the country but could not sustain it.

Due to the forex volatility, 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.

YOUR NEWS WINDOW TO THE WOLRD

GISTFOX NEWS

THANK YOU FOR VISITING GISTFOX NEWS

SUBSCRIBE AND GET DAILY NEWS DELIVERED TO YOUR EMAIL DON’T MISS OUT! STAY UP TO DATE

We don’t spam! Read our privacy policy for more info.

About gistfox

Check Also

Talking back at your husband is risky – Women Affairs minister warns

The Minister for Women Affairs, Uju Kennedy-Ohanenye, has advised Nigerian women not to argue or …

Leave a Reply

Your email address will not be published. Required fields are marked *

Translate »