“NNPCL is back to being sole importer of petrol”, Mele Kyari says, blames FX issues

Barely five months after Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited said the company would no longer be the sole importer of petrol into the country, he has said foreign exchange issues have not permitted private companies to import petroleum products.

Kyari stated this during the ongoing Energy Labour Summit hosted by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja. 

According to Kyari, the NNPCL has once again become the only importer of petrol since private companies has no access to foreign currency due to shortage issues.

In June 2023, Kyari announced that private companies would have the opportunity to import fuel starting from June 2023, as the NNPCL plans to end crude oil swap contracts and switch to cash payments for fuel imports.

At the time, Kyari said the decision was in line with President Bola Tinubu’s efforts to deregulate the fuel market and alleviate the financial burden on the government.

During the announcement, Kyari said that the market regulates itself after the petrol subsidy removal, so, oil marketing companies can actually import products or produce locally.

They can take the product onto the market, sell it and get their money back.

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