The Nigerian National Petroleum Company Limited (NNPC Ltd.) has identified foreign exchange (forex) shortages as a key factor behind the fluctuating prices of Premium Motor Spirit (PMS). Speaking on TVC News’ “Journalists’ Hangout” show, the Executive Vice President of Downstream at NNPC Ltd., Mr. Adedapo Segun, explained that fuel prices are now dictated by market forces, in line with the Petroleum Industry Act (PIA) of 2021, which deregulated the petroleum sector.
Segun highlighted that the forex scarcity directly affects PMS pricing, adding that fuel scarcity currently faced by Nigerians is expected to ease in the coming days as more fuel stations recalibrate and resume sales. He further noted that the company is collaborating with marketers to ensure timely fuel deliveries and prevent product diversions.
Regarding fuel supplies from the Dangote Refinery, Segun confirmed that the NNPC Ltd. is anticipating the refinery’s production to commence by September 15th. He assured Nigerians that efforts are being made to ensure a steady fuel supply nationwide, emphasizing that nearly a thousand filling stations are working to maintain adequate stock to meet demand.
Segun acknowledged the challenges posed by the scarcity and reassured the public that measures are in place to alleviate the situation soon.