Mele Kyari, the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, has blamed foreign exchange volatility as the reason it is the sole importer of Premium Motor Spirit, popularly known as petrol, into Nigeria.
He disclosed this on Wednesday while addressing the Senate Committee on Finance.
Kyari said oil marketers could not cope with price oscillation in the downstream sector and consequently took the option to refrain from importation.
“The oil companies withdrew because they can’t manage the oscillation and responsibility that the Petroleum Industry Act imposed on us. We have the market, and I can assure you that we are managing it”, he said.
DAILY POST recalls that in July, Emadeb Energy Services Limited imported 27 million litres of petrol into the country but could not sustain it.
Due to the forex volatility, the Independent Petroleum Marketers Association of Nigeria, the Depot and Petroleum Marketers Association of Nigeria, and the Major Marketers Association of Nigeria have reportedly boycotted the product importation.
