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Akinwande Soji-Ojo
The Nigerian National Petroleum Company (NNPC) Limited has said the price of petrol is determined by market forces.
Executive Vice President (Downstream) of NNPCL, Adedapo Segun stated this while speaking on TVC programme, ‘Journalists’ Hangout,’ on Thursday.
NNPCL had on Tuesday increased the price of petrol at its retail outlets across the country.
The price of the product was increased to N855 per litre from about N600.
Despite the hike, the product has remained scarce, leading to long queues at filling stations nationwide.
Speaking on the situation, Segun said petrol prices are determined by “unrestricted free market forces” as stipulated in Section 205 of the Petroleum Industry Act (PIA), which established the NNPCL.
“The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC.
“Additionally, the exchange rate plays a significant role in influencing these prices,” NNPCL.
The NNPCL Vicep President said no right-thinking individual would be comfortable with the current petrol scarcity.
Segun said the national oil company has nearly a thousand filling stations nationwide, adding that NNPCL is 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 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,” he added.
On the commencement of lifting PMS from the Dangote refinery, Segun said NNPCL is working towards the September 15 timeline provided by the refinery.
