- The Nigerian National Petroleum Company Limited has officially responded to the recent changes in fuel prices at gas stations.
- The company’s executive director has clarified the reasons behind the price adjustments and the ongoing scarcity.
- Both NNPCL-operated stations and independent marketers have increased their prices, reaching up to N1,000 per litre.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has commented on the recent changes in pump prices at filling stations. In an interview with Legit.ng, Adedapo Segun, the Executive Vice President of Downstream, explained that the adjustments were necessary due to market realities.He emphasized that the current pump price does not fully reflect the existing market conditions.emphasised the need for a perfectly competitive market to ensure stable fuel prices and supply in Nigeria. His words: “The pump price today is not market reflective.NNPCL, as the sole importer of Premium Motor Spirit (PMS) in the country, represents an unusual situation. He noted, “We should be transitioning towards a system where market forces determine prices.” He added that fuel prices should be driven by market dynamics rather than a single entity. NNPCL’s exclusive role in importing petrol was a response to market conditions, not a deliberate choice by the company.”NNPCL is not a regulatory body and did not choose to be the sole importer of petrol. “We don’t control who operates in the market,” he said. “We stepped in only when other participants reduced their involvement. It’s not about wanting to be monopolists.”
Regarding the fuel scarcity, he mentioned that queues at filling stations should clear within a few days as marketers recalibrate their meters. While NNPCL operates around a thousand stations nationwide, this is still insufficient. The company is collaborating with marketers to ensure stations open early, close late, and maintain adequate fuel supplies. “We are working to ensure timely deliveries and prevent diversions,” he added. “Typically, after a price change, it takes a few days for all stations to adjust their meters.”
