Nigeria National Petroleum Company Limited downstream executive chairman, Adedapo Segun has suggested that there could be further increment of the petrol because the current price is not reflective of market conditions.
Nigerians were shocked to find out that the NNPCL has hiked the price of petrol from N518/617 to N855/897 per litre depending on location Wednesday. Independent marketers are selling the product at between N930 and N1,200 per litre.
Mr. Segun who was speaking on Arise TV Thursday said: “The pump price today is not market reflective.
“Market conditions need to be perfect, and there must be FX liquidity.”
He noted that the NNPCL should not be the only supplier dictating prices.”NNPCL is the sole importer of PMS in the country, which is abnormal. We should be moving towards a situation where the free market determines prices.
“Let me put it in the proper context. NNPCL is not a regulator. We didn’t choose to be the sole importer. We don’t determine who plays in the market. We stepped in when others reduced their participation. It’s not about wanting to be monopolists,” he explained.
He said the NNPC is working with local refineries like Dangote to ensure crude is available for refining.
“We have supplied about 30 million barrels to Dangote so far: 6.3 million this month, and we will supply 11.3 million in October,” Segun said.
