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NNPC Ltd. Clarifies PMS Pricing Determination Amidst Fuel Scarcity

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has addressed concerns regarding the fluctuation in Premium Motor Spirit (PMS) prices, attributing these variations to foreign exchange (forex) illiquidity and the application of free market forces as stipulated in the Petroleum Industry Act (PIA), 2021.

During an appearance on TVC News’ “Journalists’ Hangout” show on Thursday, Mr. Adedapo Segun, the Executive Vice President of Downstream at NNPC Ltd., provided insights into the current fuel scarcity situation. He emphasized that the persistent fluctuations in PMS prices are primarily influenced by unrestricted market dynamics, a framework established under Section 205 of the PIA, which governs the petroleum industry in Nigeria.

Segun clarified that the market has undergone deregulation, meaning that petrol prices are now subject to market forces rather than being regulated by the government or NNPC Ltd. He explained, “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.”

Addressing the current fuel scarcity, Segun acknowledged the inconvenience experienced by consumers but assured that the situation is expected to improve. He stated that the scarcity should subside within a few days as more filling stations recalibrate their systems and resume the sale of PMS.

On the topic of fuel supply from the Dangote Refinery, Segun noted that NNPC Ltd. is awaiting the refinery’s commitment to begin lifting PMS as per the September 15th timeline provided. He assured that NNPC Ltd. is actively working to alleviate the scarcity by leveraging its extensive network of nearly a thousand filling stations across the nation. The company is collaborating with marketers to ensure that stations operate longer hours, thereby maintaining a steady fuel supply.

Additionally, Segun highlighted that NNPC Ltd. is engaging with relevant authorities to prevent product diversions and ensure timely deliveries to all stations. “We are also engaging relevant authorities to ensure product diversions are prevented and timely deliveries to all stations are ensured,” he said. He expressed confidence that the scarcity would ease as more stations come online and operations normalize.

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