By Milcah Tanimu
The Nigerian National Petroleum Company Limited (NNPC) has announced that the price of petrol from the Dangote Refinery will be influenced by foreign exchange rates and market forces. This decision aligns with the deregulated market structure established by the Petroleum Industry Act (PIA).
NNPC plans to begin lifting petrol from the Dangote Refinery on September 15. The state oil company emphasized that, under the current deregulated market, petrol prices will be determined by market dynamics rather than government or NNPC mandates. The exchange rate remains a significant factor in these fluctuations.
In Lagos, Warri, and Port Harcourt, approximately 2,000 tankers are still waiting to load petrol from various depots, highlighting the ongoing supply challenges. Despite the Federal Government’s commitment to increasing petrol supply over the weekend, the possibility of setting fixed petrol prices has been ruled out.
Adedapo Segun, Executive Vice President of Downstream at NNPC, assured that the current fuel scarcity is expected to ease as more filling stations adjust and start selling petrol. He also highlighted that NNPC is working with stakeholders to ensure timely deliveries and prevent product diversions.
As the market continues to adapt to the deregulation and the influence of foreign exchange rates, NNPC is committed to maintaining a steady fuel supply to meet national demands.
