Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), has attributed the return of fuel queues to road blockades in some parts of the country.
The resurgence is perceived in some quarters as a reaction to alleged plans to increase pump price.
Dismissing the charge on Monday, Kyari said instead it was due to road issues necessitating drivers to circumvent the obstacles by passing through alternative routes that are usually long.
“We have seen in very few states pockets of very low queues. Not unconnected with the road situation that we’re seeing the number of blockades on our road crossing products from the southern depots into the northern part of the country and it takes them a much longer time than they do now.
“They have to reroute the trucks around many, many locations for them to be able to reach and that created delays and some supply gaps. But that has been filled and we do not see any of such problems again. And secondly, because of the full deregulation that we have in this sector, marketers are now competing amongst themselves,” he said.
Speaking further, the NNPCL boss allayed concerns about fuel shortage, saying, “We have over 1.4 billion litres of product in our hands both marine and land. Also, there are no issues around delivery of those products into the land. So, there is no fear, nothing to bother about. But we are also happy that the market forces are now playing out and marketers are competing and of course there are a few issues we’re engaging them to resolve alongside other agencies of government and critical issues around access to foreign exchange.
“And as you all know, government is doing so much to ensure supply of FX into the market. We know that this FX markets will stabilize current I&E window around 770. And we know that those inputs that’s already happening, the inputs of government today will crystallize and also they will come to an equilibrium position in the FX market and this is a dream of this country.
“So, they will have a stable FX market, stable product market where the prices of product will also speak to prices of other commodities. And this is already manifesting and we think this is the economic revolution that this country needs.”
