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| NNPCL GMD, Mele Kyari |
The Nigerian National Petroleum Company Limited (NNPC Ltd) has emphasized that the fluctuating prices of Premium Motor Spirit (PMS), commonly known as petrol, are largely influenced by foreign exchange (forex) illiquidity and are determined by unrestricted free market forces.
This stance aligns with the provisions of the Petroleum Industry Act (PIA), which stipulates that petroleum prices should be governed by market forces rather than by government or NNPC intervention.
Speaking on TVC News' “Journalists' Hangout” show on Thursday, September 5, 2024, the Executive Vice President of Downstream, NNPC Ltd, Mr. Adedapo Segun, explained that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”
In a press release signed by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd, Segun said Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by unrestricted free market forces.
According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”
On the commencement of lifting PMS from the Dangote Refinery, Segun said that the NNPC Ltd was awaiting the September 15th timeline provided by the refinery.
Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd had nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”
He assured Nigerians: “We are also engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations.”
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