The Nigerian National Petroleum Company Limited (NNPC Ltd.) has clarified that the prices of Premium Motor Spirit (PMS) are determined by unrestricted free market forces, as stipulated in the Petroleum Industry Act (PIA) 2021.
Speaking on TVC News’ “Journalists’ Hangout” show, Executive Vice President of Downstream, NNPC Ltd., Adedapo Segun, explained that foreign exchange illiquidity has significantly influenced the fluctuation in PMS prices. He emphasized that the market has been deregulated, and prices are now determined by market forces rather than the government or NNPC Ltd.
Mr. Segun assured Nigerians that the current fuel scarcity is expected to subside in a few days as more stations recalibrate and begin selling PMS. He also confirmed that NNPC Ltd. is awaiting the September 15th timeline for the commencement of lifting PMS from the Dangote Refinery.
NNPC Ltd. has nearly a thousand filling stations nationwide and is collaborating with marketers to ensure adequate fuel supply. The company is also engaging relevant authorities to prevent product diversions and ensure timely deliveries to all stations.
In a statement on Thursday, Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., reiterated the company’s commitment to ensuring a steady fuel supply to meet the needs of Nigerians.
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