The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has said no refinery is working at the moment in the country.<\/p>\n
Kyari disclosed this when he appeared before the House of Representatives Joint Committee on Petroleum Resources (Downstream) in Abuja.<\/p>\n
The committee is investigating the increased in prices of diesel and cooking gas.<\/p>\n
Kyari said the country\u2019s refineries were not working at the moment, adding that the situation was regrettable but the NNPC was doing something to bring the refineries back to work.<\/p>\n
He said: \u201cThe refineries will not come back tomorrow, there is a process going on.<\/p>\n
\u201cWe have decided to do a quick fix for Warri refinery.\u201d<\/p>\n
The NNPC boss added that no one could guarantee the security of petroleum supply, adding that countries were preserving excess volume that they had in their kitty.<\/p>\n
\u201cThe world has never seen this kind of uncertainty, today countries are stockpiling products. Shortly before COVID-19, the world was already facing shortfall of 3 million barrel of supply of oil,\u201d he said.<\/p>\n
Kyari further stated that there had been no control to manage the energy crisis across the world, stressing that \u201cto guarantee energy security means you just make product available at anytime and by any cost.\u201d<\/p>\n
The GMD disclosed that over 200 illegal refineries were being operated across the country.<\/p>\n
He noted that the solution was to restore crude oil production, adding that there was a massive intervention that was ongoing and by the end of July \u201cwe will restore production to a level that is reasonable\u201d.<\/p>\n
\u201cMany European countries are asking for rationing gas, they are asking people to alternate their Air Conditioning.<\/p>\n
\u201cToday, countries are toying with subsidy because prices are so high because they don\u2019t think they can manage inflation associated with it,\u201d Kyari stated.<\/p>\n
Also speaking, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum, Mr Farouk Ahmed, said the current geopolitical crisis in Ukraine and Russia had resulted in the increase of petroleum product.<\/p>\n
Ahmed stated that the increment was because Russia was one of the major producer, adding that the war had affected petroleum product and it also affected all nations across the world and Nigeria was not an exemption.<\/p>\n
He said the landing cost of petroleum product was also a factor, adding that the high cost was not limited to Nigeria.<\/p>\n
\u201cWe need to see what can be done to alleviate the suffering of the people. If our refineries are back on stream and make foreign exchange available at the official rate of N400 per dollar.<\/p>\n
\u201cAnd if our refineries come back we can then get a reprieve. We also need to address the issue of vandalism,\u201d he said.<\/p>\n
The Chairman, House Committee on Downstream, Abdullahi Gaya, noted that Nigeria had refining capacity but because none were functioning which led the country to her sorry state.<\/p>\n
Gaya said there was need to find solution to the high cost of diesel and cooking gas in a bid to cushion the effect on Nigerians.<\/p>\n
Some of the lawmakers, who spoke, however, said Kyari and Ahmed expressed helpless situation.<\/p>\n
\u201cYou have just presented a hopeless situation, you have the responsibility to proffer solution. If there is no solution then why are we here.\u201d<\/p>\n
The lawmakers said they were concerned about the plight of Nigerians, as many of the citizens earn a minimum wage of N30,000.<\/p>\n
They noted that Nigeria may have to go the way of other nation by subsidising cooking gas.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has said no refinery is working at the moment in the country. Kyari disclosed this when…<\/p>\n","protected":false},"author":1,"featured_media":96509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-96508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n