The Nigerian National Petroleum Company Limited said the recent hike in the pump price of Premium Motor Spirit (Petrol) was influenced by Foreign Exchange and unrestricted free market forces....
His comments come as Nigerians groan over the latest price petrol hike by NNPCL retail outlets to N855 and N897 from N617, while the product scarcity persists.
Reacting, Segun explained that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”
He stressed that Section 205 of the Petroleum Industry Act, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces.
According to him, “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.”
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According to a statement by NNPCL spokesperson, Olufemi Soneye, the Executive Vice President of Downstream of the Company, Adedapo Segun disclosed this while speaking on TVC News’ “Journalists’ Hangout” show on Thursday,
His comments come as Nigerians groan over the latest price petrol hike by NNPCL retail outlets to N855 and N897 from N617, while the product scarcity persists.
Reacting, Segun explained that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”
He stressed that Section 205 of the Petroleum Industry Act, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces.
According to him, “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.”
from dailzpost
1,;200 naira per liter At Ota in Ogun State
ReplyDeleteIt's only God that knows which one to believe.
ReplyDeleteBut the other day, they said it was because of thunder and lightning. Abeg, thunder where are you? If you dey come back branch enter NNPC. E get people wey you go need to fire for there.
ReplyDelete🤣🤣🤣🤣🤣🤣🤣
DeleteThis early morning
Hello iya Boys
🤣🤣🤣🤣🤣🤣🤣🤣abeg Dog you got laughing with this your thunder
Delete....unrestricted free market forces? Nigeria, we hail thee.
ReplyDeleteMtcheeewww
ReplyDeleteBought 1100 yesterday. 😭😭😭
ReplyDeleteIt's well
ReplyDeleteThis current NNPC MD should be sacked period!
ReplyDelete