Mele Kyari who’s the Chief Executive Officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, acknowledged that it’s unlikely, that the federal authorities will introduce subsidies on diesel.
Mr. Kyari acknowledged that the federal authorities can’t afford the price of subsidies on diesel. He made this assertion in Abuja whereas exhibiting sooner than the House of Representatives Committee on Downstream.
The Chief Executive Officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, in his presentation, instructed three measures to be taken to deal with the provision and distribution chain challenges.
Farouk Ahmed acknowledged, “the required amount of forex for the importation of petroleum products should be made available to the genuine importers at CBN official rate.”
He moreover prays the federal authorities to “encourage the establishment of more refineries and LPG processing facilities to meet domestic demands.”
Stakeholders inside the Oil and Gas sector, along with Mele Kyari and Farouk Ahmed, have been summoned by the House of Representatives Committee on Downstream, to an investigation listening to over the scarcity and the rising value of petrol, diesel, and cooking gas inside the nation.
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