Business
PMS Prices are Determined by Free Market Forces—NNPC Ltd
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has stated that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA), 2021.
Speaking on TVC News’ “Journalists’ Hangout” show on Thursday, the Executive Vice President of Downstream, NNPC Ltd., Mr. Adedapo Segun explained that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”
He said Section 205 of the PIA, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces.
According to him, “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.”
On the commencement of lifting PMS from the Dangote Refinery, Segun said that the NNPC Ltd. was awaiting the September 15th timeline provided by the Refinery.
Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd. has 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.”
He assured 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.”
-
Gist6 days ago
Couple Tragically Dies in Inverter Battery Explosion in Abakaliki, Leaving Behind 3-Year-Old Son
-
Niger Delta4 days ago
IYC: 12 Killed, Over 50 Injured as Violence Erupts Over Eastern Zone Election
-
Politics5 days ago
Breaking: APC candidacy threatened as Abuja Court summons Okpebholo for making false statements on oath
-
Entertainment6 days ago
‘I’m not looking for a rich man, all I need is a man who will love me, true love isn’t just about money as Nigerian ladies think’ – Tems
-
National3 days ago
NAFDAC Press Statement Against Christ Mercy Land Deliverance Ministry Incorrect
-
News7 days ago
Olukoyede Vows to Sanitise the Banking Sector
-
News7 days ago
Kogi Mourns The Passing Of Mr. Yunus Ustaz Usman SAN
-
Crime7 days ago
Court Jails Internet Fraudster in Enugu