On September 15, Nigerian National Petroleum Company Limited (NNPC Ltd) intends to lift petrol from Dangote Refinery in accordance with a schedule furnished by the refinery. The corporation guarantees that shortly filling station lines will thin out as a result of steps taken to guarantee continuous delivery throughout the nation. The Petroleum Industry Act (PIA) allows for free market forces to determine Premium Motor Spirit (PMS) pricing, which the business also adds have been impacted by foreign exchange illiquidity.
The executive vice president of Downstream, NNPC Ltd., Adedapo Segun, stated on national television on Thursday that the present fuel shortage would “subside in a few days as more stations recalibrate and begin selling PMS.”
According to him, the PIA’s Section 205, which created NNPC Ltd., said that unfettered free market forces set the price of petroleum.
He claims, “The market has been deregulated, thus the forces of the market now set petrol pricing instead of the government or NNPC Ltd. Furthermore, their prices are significantly influenced by the currency rate.
Segun stated that the NNPC Ltd. was awaiting the refinery’s September 15th schedule before starting to lift PMS from the Dangote Refinery.
The NNPC Ltd., according to Segun, has almost a thousand filling stations across the country and works with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.” Segun further stated that no rational person would be comfortable with the current fuel shortage.
“We are also engaging relevant authorities to ensure that product diversions are prevented and that timely deliveries to all stations are ensured,” the Nigerian leader reassured the people. In the coming days, as additional stations readjust and start up, the scarcity should lessen.
