Executive Vice-president of Nigerian National Petroleum Company Limited, NNPCL (Downstream), Adedapo Segun, has advised Nigerians to brace for more fuel scarcity following the recent hike in the pump price of the product.
The NNPCL Executive, who said this while speaking on a television programme, yesterday, emphasised the need for a perfectly competitive market to ensure stable fuel prices and supplies in Nigeria.
The pump price today is not market reflective. 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, he said, stressing that market forces, rather than any single entity, should dictate fuel prices”.
Segun clarified that NNPCLs role as the sole importer of Premium Motor Spirit (petrol) was not a deliberate choice by the company but a response to market conditions.
Let me put it in the proper context. NNPCL is not a regulator. We didnt choose to be the sole importer. We dont determine who plays in the market. We stepped in when others reduced their participation. Its not about wanting to be monopolists, he explained.
He also stated that achieving a stable fuel supply and price would require ideal market conditions, including a more liquid foreign exchange market.
Seguns warning comes on the heels of the recent fuel price hike, which has already caused widespread hardship across the country.
NNPCL has been working closely with private refineries, such as Dangote, to ensure a steady supply of crude oil for refining.
