According to Kyari, refineries are not built to lower fuel prices.

The Group Chief Executive officer of Nigeria National Oil Company (NNPC) Limited (GCEO), Mele Kyari, appeared before the Senate Joint Committee on 12-8 Appropriations today and said he would work to create refineries

The NNPC MD also said that maintaining energy security goals has fostered confidence that Nigeria will become a net exporter of petroleum products in 2024.

He also added that no subsidies were charged to the Commonwealth, adding that the NNPC contributed N4.45 trillion naira as direct revenue to the Commonwealth in a combination of taxes, royalties and dividends, and from 2023-7 paid N406 billion naira as dividends to federal accounts.

Kyari also revealed that Nigeria does not have reliable data on PMS consumption in the country due to the lack of instruments to measure.

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