The Nigerian National Petroleum Company Limited (NNPC Ltd) has assured Nigerians that fuel queues in filling stations, following the affirmation of the removal of subsidy, will soon vanished.
Malam Mele Kyari, the Group Chief Executive Officer (GCEO), briefed State House correspondents after meeting President Bola Tinubu on Tuesday at the Presidential Villa, Abuja.
Tinubu, had in his inaugural speech on Monday, commended the past administration for phasing out the petrol subsidy regime, which had increasingly favoured the rich more than the poor.
Kyari said that the Petroleum Industry Act (PIA) stipulated that the price of petroleum should be determined by market forces.
“I know all us must have seen the fuel queues in filling stations across the country.
“It is very understandable that whenever announcements to changes to prices of petroleum happen, both buyers and marketers will like assurance of what exactly this means and typically, consumers will rush to the filling stations to fill their tanks and that is why you are seeing these queues.
“And also for marketers, they will like to see exactly what this means in terms of how are we going to sell the products if subsidy on PMS is removed?
“And the combination of the two is what you are seeing -the obvious dislocation on distribution and we believe that this will go away very quickly.
“And as you may be aware, PIB which was accented in 2021 and became an Act, made it clear that the price of petroleum must be priced at the market,” Kyari stated.
