Nigerians who are suffering from the harsh effect of the fuel subsidy removal have found solace in the recently launched $19 billion Dangote refinery and the reopening of Port Harcourt, PH refineries before the end of the year. This comes as most of them believe that the local production of Premium Motor Spirit, popularly known as petrol will change the pump price of the commodity.
However, the Nigerian National Petroleum Company Limited, NNCPL recently announced that local production will not change anything. Speaking during an interview, The NNPCL’s Group Chief Executive Officer, Mele Kyari, stressed that the notion that petrol prices would reduce once the country starts domestic production was false.
Kyari said, “There is a notion that if the product is processed locally, prices will reduce. Let me make it clear that it is not going to change anything. If you produce locally, the refineries will also input the cost of production and other things and it will be sold at the current price.”
Furthermore, Kyari stated that “There will also be no subsidy when local production starts because there is no cash-to-back subsidy, this country no longer has the resources to continue with subsidy.”
Dangote to push out products by the end of July
Kyari also confirmed that the Dangote Refinery, which was inaugurated on the 22nd of May, 2023, by former President Muhammadu Buhari, would start pushing out products by the end of July and early August.
Speaking on when the fuel queues being witnessed across the country would clear, the NNPCL boss said “I don’t see it staying beyond another day or two, maximum. It can actually be on Saturday. We have supplies. The key trouble with the PMS system is supply, but I have supplies..”
He also validated the PMS pricing document for various states that trended on Wednesday on the internet, stating that the document was from the NNPCL.
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