THE Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, on Thursday, described the removal of subsidy payment on fuel as painful.
Kyari who was a guest on Channels Television’s Politics Today monitored by News Point Nigeria, said the Federal Government is aware of the pain Nigerians were passing through and working to alleviate that.
“Will it bring pains? Yes. These pains will be alleviated, and I am aware that Mr President is working on this to see how the alleviation of these pains is going on. More than anything, it is going to enable the resources come back and be of use to the ordinary people,” Kyari said.
Besides the pains, the NNPCL boss explained that the masses would benefit a lot from the decision taken by the administration of President Bola Tinubu.
According to him, the decision to remove subsidy on fuel is a result of the government’s inability to continue paying for petroleum products.
“It is very painful that this has to happen because the country can no longer afford this subsidy regime. We do not have the money to pay for it,” he stated.
In his inaugural speech on Monday at Eagle Square in Abuja, President Tinubu said the era of subsidy payment on fuel has ended, a move that led to a hike in price across the nation.
Across cities, Nigerians searched for the premium product which rose from around N185 per litre to between N400 and N600 per litre.
During the interview, Kyari assured Nigerians that the fuel queues across the country will be a thing of the past in the next two days.
He said, “I don’t see it stand beyond another day or two (days) max. I don’t see it (queues) actually stand beyond Saturday.
“We have supply for the key trouble with PMS system is supply. There are over 810 million litres of petroleum in depots, tanks and fuel stations across the country.
“So, you don’t have the problem of transferring those. That means you have supply on the ground in your house. People panic and run to fuel stations to buy. They now know that there is certainty of pricing so they have to go back.”
