NNPCL assures of regular fuel supply till 2024

Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari has assured the Senate that there won’t be fuel queues in the next three months across the country.

Kyari, who spoke during a courtesy visit to the leadership of the Senate on Wednesday, said that the passage of the Petroleum Industry Act, PIA has ensured that “energy supply is stable, creating cheaper energy” for Nigerians .

He said: “The company has robust supply plants from now until next year; we have always planned for three months. And I guarantee you your Excellency that we will not see any shortages in our country.

“You may see a number of scattered reports that of filling stations that people will call it queues. They are not.”

Kyari also revealed that the oil giant occupies over 30 percent of the downstream sector in the oil and gas business, adding that the NNPCL will “optimally provide” petroleum to consumers.

While linking the challenges in the sector to oil theft and pipeline vandalisation, he said that the country has recovered up to N1.7 million barrels of crude oil following increases monitoring and supervision of the facilities by independent pipeline security companies, and the military.

“In the last five to six months,  government security agencies and private security companies have done things differently, and it has yielded results,” he said.

The NNPCL boss underscored that the oil regulator aims at meeting its targeted contribution to the budget, stressing that “with all the ongoing activities and engagements, with the support of Mr. President around how to contain the issues of infractions on our pipelines.”

“The actions of vandals which we have been getting the support of the Senate to make sure that something is done to bring it to the barest minimum; so that oil pipelines are restored, so that we can continue to increase production, and the confidence of investors.

“With this, no one will produce oil when he is not sure of producing oil for the future market,” he explained.

Kyari further assured that the NNPCL would restart the Port Harcourt refinery in December, followed by the Warri refinery to start in the first quarter of 2024.

He added that these would be complimented by small scale refineries, as he underscored that the company has recorded a N274 million profit in 2021, a growth from 2018.

Accordingly, he maintained that the NNPCL may post profit in excess of N2trillion in 2023; adding that by next year, Nigeria will be a net exporter of petroleum products.

On his part, the Senate President, Godswill Akpabio, tasked the management of the NNPCL to seek ways of deepening the consumption of locally produced petroleum products.

He also called for the establishment of modular refineries, as well as the renovation of existing ones “to create a multiplier effect which will include creation of jobs for our teeming youths, and more security for the country.”