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The Nigerian National Petroleum Company Limited (NNPCL) has revealed that Premium Motor Spirit or petrol from the Dangote Refinery will start flooding the market from September 15, 2024.
This comes even as the state oil company said product prices would be determined by market forces.
This was conveyed by Chief Corporate Communications Officer, Olufemi Soneye on Thursday in Abuja.
He quoted NNPCL Downstream Executive Vice President, NNPC Ltd, Adedapo Segun, as saying the downstream sector had been completely deregulated, and the company would no longer fix prices.
“The Nigerian National Petroleum Corporation (NNPC Ltd) has stated that foreign exchange (forex) liquidity has been a significant factor influencing the price fluctuations of Premium Motor Spirit (PMS), which is governed by unfettered free market forces, as stipulated in the Petroleum Industry Act (PIA),” the statement read in part.
Quoting Segun, NNPCL explained that the current fuel shortage is expected to “ease in a few days as more stations recalibrate and start selling PMS.”
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He said Article 205 of the PIA Act, which established PT NNPC, stipulates that the price of petroleum is determined by unrestricted free market forces.
According to him, “The market has been deregulated, which means that petrol prices are now determined by market forces, not by the government or PT NNPC. In addition, the exchange rate plays a significant role in influencing these prices.”
On the commencement of the PMS removal from the Dangote Refinery, Segun said that NNPC Ltd was awaiting the September 15 schedule given by the refinery.
Segun, who said no sane person would be comfortable with the current fuel shortage, added that NNPC Ltd has nearly a thousand fuel stations across the country and is working with marketers to “ensure that the stations open early and close late, to maintain adequate fuel supply to meet the needs of Nigerians.”
He assured Nigerians: “We are also engaging relevant authorities to ensure that product diversion is prevented and timely delivery to all stations is ensured. The shortage will ease in the next few days as more stations recalibrate and become operational.”
By: Babajide Okeowo
NNPC Ltd reveals Dangote petrol to hit market on September 15, price to be determined by market forces first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.
