Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), defended the organization’s exclusive role in importing Premium Motor Spirit (PMS), commonly known as petrol, during a session with the Senate Committee on Finance at the National Assembly Complex.JAMB Portal
Kyari explained that the decision for NNPCL to be the sole importer of petrol came as a result of oil marketers’ inability to manage price oscillations in the downstream sector. This challenge led them to opt out of importation.informationguidenigeria
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Petroleum marketers, including the Independent Petroleum Marketers Association of Nigeria, Depot and Petroleum Marketers Association of Nigeria, and the Major Marketers Association of Nigeria, have reportedly ceased importation activities.NYSC Portal
Their primary concern has been the fluctuation in the foreign exchange market, which they believe adversely affects their business viability and profitability.JAMB Result
Addressing these concerns, Kyari assured the Senate Committee that the downstream sector is functioning smoothly despite NNPCL’s monopoly on petrol importation. He suggested that the concerns raised by the marketers, particularly regarding foreign exchange volatility, were not significantly impacting the sector under the current arrangement.
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