NNPC Spokesperson: Mele Kyari Keeps Fuel Price at N620 Despite Landing Cost Exceeding N1,100

Mr. Olufemi Soneye, the spokesperson for the Nigerian National Petroleum Company Limited (NNPCL), has defended the Group Chief Executive Officer (GCEO), Mr. Mele Kyari, in response to protests calling for his removal. Soneye explained that Kyari has been instrumental in ensuring that Nigerians continue to buy fuel at N620 per liter for over a year, even though the actual landing cost is over N1,100.Soneye, who also serves as the Chief Corporate Communications Officer for NNPCL, made these remarks on Tuesday, addressing the protesters’ claims....CONTINUE READING>>>

He clarified that the demands for Kyari’s removal stem from a misunderstanding of the fuel supply chain and the difficulties the sector is facing. Soneye emphasized that Kyari is not responsible for the recent fuel price hikes, pointing out that, “If they were better informed, they would know that the GCEO is not the cause of the fuel price increase.

“Additionally, Soneye refuted accusations that NNPCL imports adulterated fuel and urged anyone with evidence of such claims to provide samples. “NNPCL does not import adulterated fuel. If anyone has proof of this, they should submit samples. We have more important matters to focus on, especially securing the nation’s energy future,” he said.

These comments come in the wake of a protest on November 4, 2024, when a group of demonstrators gathered at NNPCL’s headquarters in Abuja. The protest was organized by the Citizens and Economic Freedom Rights Activists in Nigeria (CEFRAN) and the Two Million Man March Against Oil Scam Cabal.

The protesters were demanding an end to the importation of alleged adulterated fuel and expressed frustration over ongoing fuel shortages, which they described as a “national disgrace.” They also called for an immediate end to fuel queues across the country.Soneye’s statement highlighting that NNPCL has been keeping fuel prices at N620 per liter, despite the landing cost exceeding N1,100, suggests that the company has been effectively subsidizing fuel for over a year.

This indicates that the government has been covering a subsidy of almost N500 per liter.Earlier reports, which were later denied by government officials, projected that fuel subsidy payments could reach N5 trillion in 2024. This situation underscores the significant financial strain that fuel subsidies continue to place on the national economy, amid ongoing discussions about the need for subsidy reforms.