The Nigerian National Petroleum Company Limited has attributed the fluctuations in petrol prices to foreign exchange illiquidity. According to the Executive Vice President of Downstream at NNPC, Mr. Adedapo Segun, the deregulation of the petroleum sector by the Petroleum Industry Act of 2021 has allowed market forces to determine petrol prices. The exchange rate and limited access to foreign exchange have significantly influenced the cost of petrol.
Segun assured the public that fuel scarcity would improve soon, with more filling stations recalibrating their pumps to ease the shortage. He also mentioned that the Dangote Refinery is expected to commence PMS lifting on September 15, which will enhance fuel supply in the country and reduce reliance on foreign imports.
NNPC is collaborating with marketers to ensure filling stations operate efficiently to meet the demands of Nigerians. The Chief Corporate Communications Officer, Olufemi Soneye, confirmed that NNPC is actively working to prevent product diversions and ensure timely deliveries to all stations nationwide.
Following a sudden fuel price hike, stakeholders have expressed concern, with calls for a reversal of the increase. NNPC Retail Management approved the petrol price hike, citing challenges in fuel importation due to an $8 billion debt obstacle. The public outcry has intensified, urging for immediate action to address the situation and stabilize the supply chain.