By Joke Kujenya
FOREX SHORTAGES have caused petrol prices to fluctuate sharply in Nigeria, according to the Nigerian National Petroleum Company Limited (NNPC Ltd).
The company said that unrestricted free market forces are determining the prices of Premium Motor Spirit (PMS), as stipulated by the Petroleum Industry Act (PIA) as it promises relief from scarcity.
Mr. Adedapo Segun, the Executive Vice President of NNPC’s Downstream division, explained during an interview on TVC News that the scarcity of PMS was temporary.
He assured Nigerians that the situation would stabilize soon, as more petrol stations adjust their operations to reflect the changes.
Segun emphasized that the deregulation of the petrol market means the government no longer controls prices, which are now shaped by external factors such as the exchange rate.
He added that NNPC Ltd is closely working with filling station owners to keep stations open longer and ensure sufficient fuel supply.
Addressing the timeline for lifting PMS from the Dangote Refinery, Segun confirmed that NNPC Ltd is waiting for operations to commence by mid-September.
He acknowledged the discomfort caused by the current fuel scarcity, but reassured citizens that the company is actively addressing the issue.
Segun also warned against fuel diversion, noting that NNPC Ltd is working with authorities to prevent such practices and ensure fuel reaches the stations promptly.
He urged the public to expect improved availability in the coming days as more stations complete necessary adjustments.
