Contrary to expectations of consumers, Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has said local refineries were not built in order to slash the prices of petroleum products.
Kyari also disclosed that Nigeria did not have credible data for PMS consumption in the country because of the absence of the requisite measuring instruments.
He spoke when he appeared before the Senate Joint Committee on Appropriations on Friday.
Kyari’s submissions were contrary to speculations that, stripped of the import content, petrol price in Nigeria would become cheaper once the Dangote Refinery and the Port Harcourt come on stream before New Year 2024.
Nigeria currently imports all her domestic fuel needs, including petrol, diesel, Jet A1 and kerosine.
The pump price for petrol stands now at an average of N617 upwards.
According to the NNPCL GMD, maintaining the energy security target would ensure that in 2024 Nigeria would become a net exporter of petroleum products.
He also that no subsidy was charged to the Federation, adding that the NNPC has contributed N4.45 trillion as direct revenue into the Federation in a combination of taxes, royalties and dividends and paid N406 billion as dividend to the Federal Government’s account from July 2023.