The Nigerian National Petroleum Company Limited (NNPCL) has officially announced that petrol from the Dangote Refinery will become available on September 15, 2024. This marks a significant development for Nigeria’s petroleum sector.
According to a press release signed by Chief Corporate Communications Officer Olufemi Soneye, future petrol prices will be influenced by market forces rather than government intervention. The NNPCL has emphasized that the sector’s deregulation is fully in effect.
Adedapo Segun, NNPCL’s Executive Vice President of Downstream, affirmed that deregulated pricing means petrol prices will now be set by the market, not by the government or NNPC Ltd. This shift follows the framework established under Section 205 of the Petroleum Industry Act (PIA).
In response to the ongoing fuel crisis, Segun assured that the situation would improve shortly. The NNPCL is working with marketers to ensure that fuel stations operate efficiently, with extended hours and adequate supplies.
Segun noted that fluctuations in petrol prices have been partly due to foreign exchange challenges. The NNPCL’s efforts aim to stabilize supply and alleviate the current scarcity.
The Federal Government has projected a substantial increase in petrol supply by the weekend but has confirmed that it will not intervene in pricing decisions. This aligns with the deregulation policy and is expected to contribute to resolving the fuel scarcity.
