Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has said that restoration of crude oil production and provision of more foreign exchange by the Central Bank of Nigeria (CBN) to oil marketers with massive intervention currently ongoing, will see to the resolution of the energy challenges in the country by the end of July and more supply of petroleum products.
This is even as he revealed that over 200 illegal refineries operate across the country, with no government-owned refinery working at the moment regrettably.
Kyari who stated this when he appeared before the House of Representatives Joint Committee on Petroleum Resources (Downstream), investigating the increase in prices of diesel and cooking gas, admitted that the situation was quite unfortunate and that NNPC was doing something to make sure the refineries work again.
He said a good number of the illegal refineries had been destroyed and the NNPC was in the process of doing a quick fix on the Warri refinery.
Kyari attributed the current energy crisis to the Ukraine and Russia war which resulted in the increase of petroleum product, adding that no one could guarantee the security of petroleum supply, as countries are preserving excess volume that they have in their kitty.
The group managing director also ruled out the possibility of returning to the regime of subsidising diesel and LPG.
