The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said that the fuel queues currently being experienced across the country will disappear soon
Speaking with State House Correspondents in Abuja on Tuesday, Kyari explained that the scarcity was due to an industrial action embarked on by petroleum tanker drivers.
Motorists in search of fuel had accused filling stations operators of hoarding the product, as oil marketers were expecting the government to announce an increase in pump price of petrol.
However, the GMD noted that loading has commenced in all fuel depots in the country, adding that dispatches of trucks are ongoing in all the depots in the country.
He said, “These queues will go away. It is because there was an industrial action by petroleum tanker drivers against their employers, the National Association of Road Transport Owners around their compensation package.
“And those issues were not resolved up till yesterday, until we intervene to ensure that there is an amicable settlement between the parties so that they will have peace and then normal loading operations will commence from the depots.
The GMD also reiterated the ongoing engagements within government to get the best framework for a fully deregulated PMS market.
“As this is going on, we were engaging all parties and all stakeholders as government and to make sure that at the end of the day, there is an exit that is beneficial to the ordinary man.
“That is why we know we will not be able to complete that in the month of May and therefore we declared that there will be no increase in fuel price. I have no update in hand now, this is beyond me, but we’re engaging to make sure that we have the right timeline.”
Speaking on the impact of the increase in global oil price on the econony, he said, “You know it works both ways. Once prices increase, your revenue also increases.
“So I don’t have any numbers around it, but I also know that your obligation to price of petroleum increases and your net revenue also increases. There’s a balancing factor, I don’t think there’s anything much to worry about.”