On Monday during his inaugural speech at the Eagle Square in Abuja, President Bola Tinubu said the era of subsidy payment on fuel has ended, a move that led to a hike in price across the nation.
Fuel queues also resurfaced across the country as Nigerians forage for the premium product which rose from around N185 per litre to between N400 and N600 per litre.
But speaking during an interview on Channels Television’s Politics Today, Kyari assured Nigerians that the situation won’t last.
“I don’t see it stand beyond another day or two (days) max,” the NNPCL boss said. “I don’t see it (queues) actually stand beyond Saturday.”
“We have supply for the key trouble with PMS system is supply. There are over 810 million litres of petroleum in depots, tanks and fuel stations across the country.
“So, you don’t have the problem of transferring those. That means you have supply on the ground in your house. People panic and run to fuel stations to buy. They now know that there is certainty of pricing so they have to go back.”
Refinery Ready before December
Earlier, Kyari revealed that the administration of President Bola Tinubu has concluded an arrangement to have one of the four refineries repaired and operating at an optimal level before the end of the year.
The NNPC said this when he visited the National Chairman of the All Progressives Congress, Senator Abdullahi Adamu, at the party secretariat in Abuja said that following the hike in pump price and the resultant effect on commercial fare, the president is working out some palliative measures to ease the pains of Nigerians.
According to him, there is an ongoing process of rehabilitation to ensure one of the refineries is ready this year.
“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,” he said.
Channels Television