The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said it was waiting for 15th September timeline provided by Dangote Refinery to lift petrol from the Refinery.
This was disclosed by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., on Thursday amid scarcity and price hike, which is causing uproar among Nigerians.
Segun who was speaking on TVC News’ Journalists’ Hangout, also said prices of Premium Motor Spirit (PMS) will be determined by foreign exchange (forex) illiquidity, which has been a significant factor influencing the fluctuation in prices 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.”
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He 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.”
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.”
He assured 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.”
