The Group Managing Director, NNPC, Mele Kyari, during a conference organised by energy correspondents in Lagos on Tuesday acknowledged that there were pricing issues at some petrol depots in the country but dismissed rumours making rounds about possible pump price hike.
It was gathered that retailers had claimed that the ex-depot price of the product had been increased by private tank farm owners from the recommended N148-N149.5/litre to between N153 and N155/litre.
Mele Kyari, while delivering a presentation at the conference in Lagos on Tuesday, said the corporation had adequate stock of Premium Motor Spirit (petrol).
He said, “As we speak now, there is speculation of fuel scarcity within the media, but we have over 1.7 billion litres of Premium Motor Spirit in the country. We have another 2.3 billion litres coming in; so there is no shortage in supply as being speculated.
“Of course, there are issues about pricing at some depots but government has no plan to revise the pricing structure.”
According to Kyari, NNPC’s objective is to provide energy security for Nigeria and ensure availability of petroleum products in the country.
Speaking on ‘Petroleum Industry Act: Energy transition and the future of Nigeria’s oil and gas,’ he explained why Nigeria was demanding energy justice at the ongoing United Nations Climate Change Conference (COP26) in Glasgow, Scotland amid the global push for energy transition.
Kyari noted that the COP26 again highlighted the challenges faced by Nigeria and other African countries in the global energy transition.
He noted that President Muhammadu Buhari in his speech before the world leaders, had demanded energy justice for Africa and highlighted the need to exploit the available resources as a pathway to attain the net-zero carbon objective by 2050.
According to Kyari, although Africa accounts for only about three per cent of the global carbon emission, the continent still has the responsibility to join the world in combating climate change.
He said Nigeria had identified its abundant gas resources as its fuel for energy transition, citing the declaration of the year 2021 to 2030 as the ‘Decade of Gas’ by the government.
The NNPC boss said, “We are making good progress in terms of the implementation of the PIA which is clearly creating the path for transition.”