In a statement issued on Thursday in Abuja by Chief Corporate Communications Officer Olufemi Soneye, the company confirmed that product prices will now be dictated by market forces, following the start of petrol refining by the Dangote Refinery earlier in the week.
Quoting NNPC Ltd’s Executive Vice President of Downstream, Adedapo Segun, Soneye clarified that the downstream sector has been fully deregulated, and the company will no longer set prices. This statement quashes speculations that NNPC Ltd would continue price-setting despite deregulation.
“The market is deregulated, meaning that petrol prices are determined by market forces, including the exchange rate, rather than by the government or NNPC Ltd,” Segun explained.
Regarding the lifting of PMS from Dangote Refinery, Segun stated that NNPC Ltd is awaiting the September 15th timeline provided by the refinery. He also emphasized the company’s commitment to resolving the ongoing fuel scarcity, noting that NNPC Ltd, with nearly 1,000 filling stations across the country, is working with marketers to ensure stations maintain adequate fuel supply by opening early and closing late.
“We are working with authorities to prevent product diversions and ensure timely deliveries to all stations. The scarcity should ease in the coming days as more stations recalibrate and resume operations,” Segun assured.
This clarification follows the Federal Government’s announcement of a significant petrol supply expected over the weekend, while ruling out price regulation for PMS.
NNPC Ltd also revealed it has supplied 30 million barrels of crude oil to the Dangote Refinery, with plans to deliver an additional 17 million barrels soon, including 6.3 million barrels in September and 11.3 million barrels in October.
Segun pointed out that the current pump price of petrol does not reflect market realities, as NNPC Ltd remains the sole importer of PMS in the country—a situation he described as “abnormal.”
“The pump price is not market reflective. Market forces, not a single entity, should determine prices. NNPC’s role as the sole importer is not deliberate, but rather a response to market conditions,” Segun stated.
He further explained that achieving stable fuel prices requires perfect market conditions, including a more liquid foreign exchange market.
“Once the Dangote Refinery begins rolling out PMS and NNPC Ltd starts lifting, we will communicate further details,” Segun added.
