Nigerian National Petroleum Corporation, (NNPC) has assured Nigerians that the queues building up in filling stations will be diminished from today.

Group Managing Director, Mele Kyari, gave the assurance on Tuesday while briefing State House correspondents after a meeting with President Muhammadu Buhari.

He disclosed that fuel queues across the country are certain to abate following an intervention by the NNPC to resolve the industrial action by petroleum tanker drivers against their employers over issues of the compensation package.

According to him, the intervention by the NNPC has resulted in an amicable settlement between the concerned parties.

Consequently, the industrial action has been called off for a period of one week to allow a proper resolution to the issues.

He again reiterated that normal loading operations in all depots have commenced and trucks dispatched across the country.

On the issue of subsidy policy, he maintained that engagements are ongoing between stakeholders to proffer a reasonable exit plan that would be beneficial to all Nigerians.

Kyari, frowned at the re-emergence of petrol queue across the country, assuring that the situation will normalise in hours.

He attributed the sudden re-emergence of the fuel queue to strike action embarked upon by the association of petrol tankers drivers.

The GMD, however, revealed that following the intervention of the leadership of the NNPC, the strike had been suspended for one week and the tanker drivers had resumed lifting of petroleum products from all fuel depots across the country.

He said: “These queues will go away. It’s because there was an industrial action by petroleum tanker drivers against their employers, the National Association of Road Transport Owners, around their compensation package.

“And those issues were not resolved up till yesterday, until we intervened to ensure that there’s an amicable settlement between the parties so that they will have peace and then normal loading operations will commence from the depots.

“As I speak to you at this moment, loading has commenced in all depots in the country, dispatches of trucks are ongoing in all the depots in the country and they have called off the strike for a period of one week to enable us intervene and find a solution.

Kyari further stated that the petrol queues had nothing to do with the ongoing issue of petroleum subsidy.

“Subsidy is a policy matter. I’m sure you’re aware of this. There are engagements going on within the government to get the best framework for having a fully deregulated PMS market.

“As this is going on, we are engaging all parties and all stakeholders as government and to make sure that at the end of the day, there’s an exit that is beneficial to the ordinary man.

“That is why we know we will not be able to complete that in the month of May and therefore, we declared that there will be no increase in fuel price.

“I have no update in hand now. This is beyond me, but we’re engaging to make sure that we have the right timeline,’’ he added.

On the impact of the rising crude oil price on the corporation, the GMD said it has both benefits and drawbacks.

“You know, it works both ways. Once prices increase, your revenue also increases.

“So, I don’t have any numbers around it, but I also know that your obligation to the price of petroleum increases and your net revenue also increases.

“There’s a balancing factor. I don’t think there’s anything much to worry about,’’ he said.