The Nigerian National Petroleum Company Limited (NNPC Ltd) has said that the price of Premium Motor Spirit will be determined by market forces.
The state-owned firm also revealed that lifting of crude oil from the Dangote Petroleum Refinery will begin September 15, 2024.
The Executive Vice President of Downstream, NNPC Ltd, Mr. Adedapo Segun made this disclosure on Thursday at TVC News’ “Journalists’ Hangout” show, according to the Chief Corporate Communications Officer of NNPC Ltd, Olufemi Soneye.
The Dangote Refinery launched its new product, PMS, shortly after the adjustment in prices of PMS to allow for a free market.
The Chairman of the Dangote Petroleum Refinery, Aliko Dangote said they await negotiations with the NNPC before products will be lifted.
He also claimed that the Federal Executive Council will determine the price of fuel from his refinery.
But the Minister of State Petroleum, Oil, Heineken Lokpobiri said after an emergency meeting with Vice President Kashim Shettima that the government does not determine the price of PMS.
Segun said the market has been deregulated, adding that exchange rate plays a significant role in determining prices of fuel.
The EVP said, “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.”
Speaking on when the government will commence lifting PMS from the Dangote Refinery, Segun said that the “NNPC Ltd was awaiting the September 15th timeline provided by the refinery.”
The EVP said the NNPCL team is not comfortable with the current fuel scarcity, adding that that the NNPC Ltd had 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.”
Segun added, “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.”