The Nigerian National Petroleum Company Limited (NNPC Ltd) has expressed its support for President Bola Tinubu’s decision to remove the subsidy on Premium Motor Spirit (PMS), commonly known as fuel. Speaking at a press briefing held at the NNPC Ltd. Towers in Abuja, Malam Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPC Ltd., commended the President’s announcement.
President Tinubu, during his inauguration as the President of the Federal Republic of Nigeria, declared that his administration would put an end to the subsidy regime. Kyari highlighted that the removal of the subsidy, which has been a financial burden on NNPC’s operations, would allow the company to allocate funds more effectively and enhance its performance as a commercial entity.
“Subsidy has been a major challenge for NNPC’s continuous operations, we believe that this will free up resources to enable us to continue to do great work and function as a commercial entity, we welcome this development,’’ he said.
Addressing queues and scarcity already being experienced, the GCEO assured Nigerians of a sufficient supply of products, particularly the PMS, He revealed that NNPC Ltd. currently holds more than a 30-day reserve of PMS, emphasizing that panic buying is unnecessary. Kyari appealed to the public to remain calm and avoid stockpiling fuel
“There is no reason to panic, we understand that people will be scared of potential changes in the price of petrol, but that is not enough for people to rush to buy more than they need,’’ he added.
Additionally, Kyari stated that NNPC Ltd., as the designated supplier of last resort under the Petroleum Industry Act (PIA), would maintain its commitment to ensuring the availability of PMS and other petroleum products. The company is actively coordinating with the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to establish a framework for implementing the subsidy removal, as per the President’s directive.
