Jonathan Nwokpor
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According to the Nigerian National Petroleum Company Limited, free market forces and foreign exchange were major factors in the recent increase in the pump price of Premium Motor Spirit (Petrol).
In a statement sent by the NNPCL spokeswoman, Olufemi Soneye, the Executive Vice President of the Company’s Downstream, Adedapo Segun revealed this during a Thursday appearance on TVC News’ “Journalists’ Hangout.”
His remarks coincide with ongoing product shortages and the recent raise in gas prices by NNPCL retail outlets to N855 and N897 from N617, which has angered Nigerians.
In response, Segun stated that it was anticipated that the present fuel shortage would “subside in a few days as more stations recalibrate and begin selling PMS.”
He emphasized that the Petroleum Industry Act, Section 205, which created NNPC Ltd., stated that unfettered free market forces set the price of petroleum.
He claims, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”
The Nigeria Labour Congress and the Trade Union Congress, meanwhile, have rejected the latest fuel increase and demanded that it be immediately reversed.
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