The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that petrol lifting from Dangote Refinery is expected to begin on September 15, in accordance with the refinery’s timeline.
The company assured that the current long queues at filling stations will soon ease, as measures are being put in place to ensure a smooth and uninterrupted distribution of petrol nationwide.
NNPC Ltd also highlighted that foreign exchange (forex) illiquidity has significantly impacted the fluctuations in Premium Motor Spirit (PMS) prices, which are governed by unrestricted market forces under the Petroleum Industry Act (PIA).
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In a national TV interview on Thursday, Adedapo Segun, Executive Vice President of Downstream at NNPC Ltd, explained that the fuel scarcity is anticipated to diminish in a few days as more stations recalibrate and resume selling PMS. He added that Section 205 of the PIA, which established NNPC Ltd, specifies that petroleum prices are dictated by 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.”
Regarding the start of petrol lifting from Dangote Refinery, Segun noted that NNPC Ltd is adhering to the September 15 timeline set by the refinery.
He acknowledged that no reasonable person would be comfortable with the current fuel scarcity and mentioned that NNPC Ltd operates nearly a thousand filling stations across the country. The company is working with marketers to ensure that stations open early and close late to maintain a steady fuel supply for Nigerians.
He assured Nigerians: “We are also engaging relevant authorities to ensure product 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
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