The Group Managing Director of the Nigerian National Petroleum Corporation Limited, Mele Kyari, has denied allegations that the federal government is paying subsidy on fuel imports to stabilise the price amidst forex fluctuations.
Kyari, who met with President Bola Tinubu on Monday, at the Presidential Villa, claimed that the market forces of demand and supply was simply playing out.
“No subsidy whatsoever. We are recovering our full costs from the products that we import. We sell to the market, and we understand why the marketers are unable to import. We hope that they do it very quickly, and these are some of the interventions the government is doing where there is no subsidy,” he said
He said the NNPC has over 1.4 billion litres of fuel products in stock, both marine and land, and that the semblance of queues coming up in parts of the country may be due to little price differentials among the marketers, including poor road networks hampering the transportation of products across the country.
Kyari also said that the government is working on modalities to ensure the supply of FX into the market, and that the FX markets will stabilise with the I&E window currently around 770.
