Nigerian National Petroleum Company Limited (NNPC Ltd) says the lifting of petrol from Dangote Refinery would likely commence on September 15 to comply with the timeline provided by the refinery.
It also assured that the present queues at filling stations would ease soon as measures are being implemented to ensure uninterrupted distribution across the length and breadth of the country.
The company further stated that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), also known as petrol which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA).
Speaking on a national TV on Thursday, the executive vice president of Downstream, NNPC Ltd, Adedapo Segun 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.
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.”
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.
(Leadership)
