Mele Kyari, the head of the Nigerian National Petroleum Corporation Limited (NNPCL), revealed that the corporation has once again become the exclusive importer of petrol in the country.
Kyari stated that private companies are unable to import petrol due to difficulties in accessing foreign currency caused by shortages.
“We are the only company importing petrol into the country. None of them can do it today. For them, access to foreign exchange is difficult. We create foreign exchange (FX), therefore we have access to FX, while their access to FX is limited,” Kyari said.
This revelation has sparked discussions among experts, with oil and gas analyst Kayode Oluwadare unofficially confirming the return of the petrol subsidy in Nigeria.
Oluwadare highlighted that the move contradicts the initial purpose of deregulation, which aimed to enable independent marketers to import petrol independently.
Oluwadare explained, “The government is gradually bringing back the conditions of the fuel subsidy regime. We are now back to the status quo. In the coming days, the petrol pump price will remain the same. We may also see the petrol pump price slightly coming down, with the current global trend, we are not likely to see an increase in petrol pump prices.”
This development marks a significant shift in Nigeria’s energy landscape, raising concerns about the country’s economic stability and the implications for consumers in the face of global fuel market dynamics.