Adedapo Segun, the Executive Vice President of Downstream, Nigerian National Petroleum Company Limited has explained that the company was awaiting the September 15th timeline to lift petrol from Dangote refinery.
Segun disclosed this while appearing as a guest on Journalists’ Hangout show which was aired on TVC on Thursday.
According to him, the company has stated that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA), 2021.
He explained that the current fuel scarcity was expected to subside in a few days as more stations recalibrate and begin selling PMS.
He said, “Section 205 of the PIA, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces.
Read also: FG to allow Dangote Refinery set petrol prices, marking fuel policy shift
“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, 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. has 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.
“We are also engaging relevant authorities to ensure product 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,” he added.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
