Politics
Fuel Price Surge: NNPC Claims Current Pump Price Still Below Market Value
Fuel Price Surge: NNPC Claims Current Pump Price Still Below Market Value....KINDLY READ THE FULL STORY HERE▶
Adedapo Segun, the Executive Vice President of Nigerian National Petroleum Company Limited (NNPCL) in charge of Downstream operations, has emphasized the need for a competitive market to ensure stable fuel prices and supply in Nigeria.
Segun noted that the current fuel pump price does not accurately reflect market realities.
“The pump price today is not reflective of the market. NNPCL is currently the sole importer of PMS (petrol) in the country, which is unusual. We should be moving towards a system where the free market dictates prices,” he said during an appearance on Arise Television’s Morning Show on Thursday, September 5. He stressed that fuel prices should be determined by market forces, not any single organization.
Segun explained that NNPCL’s role as the only importer of petrol was not intentional but rather a result of market circumstances. “To be clear, NNPCL is not a regulator, nor did we choose to be the sole importer. We only stepped in when other players reduced their participation. It’s not about monopolizing the market,” he clarified.
He also highlighted that a stable fuel supply and price depend on a more liquid foreign exchange (FX) market. “For market conditions to be optimal, there must be sufficient FX liquidity,” Segun added, hinting that economic reforms are essential to resolve the pricing issue.
NNPCL has been working in collaboration with private refineries, such as the Dangote refinery, to maintain a consistent crude oil supply. “So far, we have supplied approximately 30 million barrels to Dangote, with 6.3 million this month and an additional 11.3 million scheduled for October,” he revealed.
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