Categories: Economy

Refineries Can’t Start Working Now — Kyari

Mele Kyari

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said the country’s moribund refineries cannot be quickly restored.

Speaking in Abuja on Tuesday when he appeared before the House of Representatives Joint Committee on Petroleum Resources (Downstream), Kyari said the situation was regrettable but the NNPC was making efforts to bring the refineries back to work.

The committee is investigating the increase in prices of diesel and cooking gas.

“The refineries will not come back tomorrow. There is a process going on. We have decided to do a quick fix for the Warri refinery,” the NNPC boss said.

He said no one could guarantee the security of petroleum supply, adding that countries were preserving excess volume that they had in their kitty.

He said, “The world has never seen this kind of uncertainty. Today countries are stockpiling products. Shortly before COVID-19, the world was already facing a shortfall of 3 million barrels of supply of oil.”

Sponsored

The GMD said there had been no control to manage the energy crisis across the world, adding that, “to guarantee energy security means you just make products available at any time and at any cost.”

He disclosed that across the country, making over 200 illegal refineries were being operated.

He said the solution was to restore crude oil production, adding massive intervention was ongoing and by the end of July “we will restore production to a level that is reasonable.”

Kyari added, “Many European countries are asking for rationing gas, they are asking people to alternate their Air Conditioning.

“Today, countries are toying with subsidies because prices are so high because they don’t think they can manage inflation associated with it.”

SPONSORED
Alex Enemanna

A print journalist with vast knowledge of political developments in Nigeria. Passionate about equity and fairness through robust developmental journalism.

Recent Posts

IPMAN Announces Petrol Price Reduction To ₦935 Per Litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a significant reduction in the…

15 minutes ago

Governor Otti Appoints Ojeikere As New Head Of Service

Governor of Abia State, Dr. Alex Otti has approved the appointment of Mr. Benson Ojeikere…

30 minutes ago

Tinubu’s Economic Reforms Not Responsible For Hunger, Stampede — FG

The Minister of Information and National Orientation, Mohammed Idris, has warned politicians against linking stampedes…

9 hours ago

Ohafia Community In Mourning As Trailer Crushes Many Christmas Travelers To Death (Photos, Video)

Ohafia, Abia State, was plunged into mourning on Sunday following a tragic accident involving a…

9 hours ago

After 25 Years, Democracy Yet To Meet Citizen’s Expectations — Bugaje

An Islamic scholar and political activist, Dr. Usman Bugaje, has highlighted the inability of the…

15 hours ago

Tinubu’s 2025 Budget Full Of Unrealistic Expectations, Says SDP’s Adebayo

The presidential candidate of the Social Democratic Party (SDP) in the 2023 general elections, Prince…

17 hours ago