Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, Monday, hinted of a possible deregulation of the Nigerian downstream petroleum sector, stating that the Federal Government has eliminated subsidy and under recovery in the industry.
Speaking in an interview monitored on a television programme in Abuja, Kyari said,
“There is no subsidy and it is zero forever.
Going forward there would be no resort to either subsidy or under recovery of any nature. NNPC will play in the marketplace, it will just be another marketer in the space.
But we will be there for the country to sustain security of supply at market price.”
Kyari further disclosed that Nigeria’s crude oil and condensates output has risen to 2.3 million barrels per day.
He stated that the output growth, which was achieved on Sunday, was the first time the country was hitting that milestone in very many months and years.
Source: News update