The Nigerian National Petroleum Company (NNPC) Limited has apologised to Nigerians for the over three months of pains caused by the nationwide fuel scarcity.
The Group CEO, NNPCL, Mele Kyari, who spoke during an interview on Channels Television’s special election programme The 2023 Verdict on Tuesday, assured the public that the “glitch” will be resolved to everyone’s relief.
The NNPC boss explained that market forces will determine how quickly the situation is resolved, but in his view, the country is going to see substantial and relative ease in the next one week compared to the situation at present.
Kyari had earlier explained that petrol is subsidized at N185 per litre, because the products enters the country at N295 to the litre, and sold at N113 to the marketing companies.
According to him, the average of 63 million litres from January to date, multiplied by 365 days, would mean the country would need N4.27 trillion to maintain the current subsidy requirements.