Mele Kyari, the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), has revealed that President Bola Tinubu‘s administration intends to rehabilitate one of Nigeria’s refineries before the end of the year.
Mele Kyari disclosed this when he visited the All Progressives Congress (APC) secretariat for a meeting Senator Abdullahi Adamu, the National Chairman of the party.
Kyari clarified that following the hike in pump price and the consequent effect on commercial fare, Tinubu is taking measures to alleviate the impact of increased fuel prices on Nigerians.
The NNPC Boss also mentioned an ongoing process of refinery repairs, with one refinery expected to be operational before December, followed by another next year and a third thereafter.
He said, “I’m aware that Mr president has directed some engagements and some palliatives will be put in place. I am very sure this will happen.
“There is an ongoing process of rehabilitation. One of them will come this year, the second one will come on stream next year and then the third will follow thereafter.
“Of course, it is very obvious that we can no longer afford subsidy. Subsidy bills have piled up. The country is not able to settle NNPC for the money we are spending on subsidy.
“Therefore pricing this petroleum at the market price is the right thing to do at this point in time and I believe it would benefit the country in the long term.”
KanyiDaily recalls that the NNPC had increased its petrol prices across the country after President Bola Tinubu announced the removal of fuel subsidy during his inauguration speech.