RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

NNPCL Attributes Rising PMS Prices to Free Market Forces and Forex Shortage

Akpan Edidong by Akpan Edidong
September 6, 2024
in Economy, Energy
Reading Time: 2 mins read
A A
0
NNPC’s $3 Billion Loan Deal: Nigeria’s Economic Rollercoaster Ride
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Nigerian National Petroleum Company Limited (NNPCL) has distanced both itself and the Federal Government from responsibility for the current hike in petrol prices and the ongoing fuel scarcity. The company cited foreign exchange (forex) shortages and the operation of free market forces as major factors behind the fluctuations in the price of Premium Motor Spirit (PMS), commonly known as petrol.

Speaking on TVC News’ *Journalists’ Hangout*, NNPC Ltd.’s Executive Vice President of Downstream, Mr. Adedapo Segun, explained that under the Petroleum Industry Act (PIA) of 2021, petrol prices are determined solely by market dynamics. This deregulation means that the NNPCL and the government no longer control fuel prices, with exchange rate variations significantly influencing the cost of petrol.

AlsoRead

FG, States, and LGAs Share ₦1.659 Trillion in May Revenue – FAAC

Nigerian Stock Market Dips as Investors Lose ₦183 Billion

Tight Liquidity Threatens Nigerian Banks Amid CBN’s 50% Reserve Policy – Report

“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,” Segun said.

He also addressed the fuel scarcity issue, expressing optimism that the situation would improve in the coming days as more filling stations recalibrate their pumps and resume selling petrol. NNPC Ltd., which operates nearly 1,000 stations nationwide, is collaborating with marketers to ensure stations open early and close late to meet public demand.

On the highly anticipated lifting of PMS from the Dangote Refinery, Segun noted that the company is awaiting the refinery’s September 15 timeline for operations to commence.

He reassured the public that NNPCL is taking steps to resolve the fuel scarcity, engaging relevant authorities to prevent product diversions and ensure timely deliveries to stations across the country.

Segun concluded by acknowledging that the fuel shortages are inconvenient but emphasized that efforts are in place to restore adequate supply as soon as possible.

The current situation follows rising forex challenges, which have further strained the economy, with consumers bearing the brunt of fluctuating fuel prices.

Tags: Forex ShortageFree market forcesfuel scarcityNNPCLPMS prices
Previous Post

Naira Depreciation Persists, Approaches N2,000 per Dollar

Next Post

FG Imposes N2m Fine on Battery Regulation Violators

Related News

FG Allocates N5.1 Billion for Presidential Yacht and N5.5 Billion For Student Loans

FG, States, and LGAs Share ₦1.659 Trillion in May Revenue – FAAC

by Stephen Akudike
June 19, 2025
0

The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.659 trillion as revenue for May 2025 among the...

Nigerian Equity Market Sees Impressive N1.08tn Wealth Gain Amidst Bullish Trading.

Nigerian Stock Market Dips as Investors Lose ₦183 Billion

by Stephen Akudike
June 19, 2025
0

The Nigerian stock market continued its downward trend on Tuesday, with investors facing a significant ₦183 billion decline in market...

CBN – FG incurred N930.8bn Fiscal Deficit in January and February 2023.

Tight Liquidity Threatens Nigerian Banks Amid CBN’s 50% Reserve Policy – Report

by Stephen Akudike
June 19, 2025
0

A new report by Renaissance Capital has raised alarm over a deepening liquidity crisis in Nigeria’s banking sector, following the...

NEC Affirms CBN $3 Billion Loan for Naira Stability

CBN Tightens Oversight on Forbearance-Affected Banks to Bolster Financial Stability

by Stephen Akudike
June 18, 2025
0

The Central Bank of Nigeria (CBN) has placed banks still operating under forbearance measures under stringent supervision to strengthen the...

Next Post
FG Allocates N5.1 Billion for Presidential Yacht and N5.5 Billion For Student Loans

FG Imposes N2m Fine on Battery Regulation Violators

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

FG Allocates N5.1 Billion for Presidential Yacht and N5.5 Billion For Student Loans

FG, States, and LGAs Share ₦1.659 Trillion in May Revenue – FAAC

June 19, 2025
Nigerian Equity Market Sees Impressive N1.08tn Wealth Gain Amidst Bullish Trading.

Nigerian Stock Market Dips as Investors Lose ₦183 Billion

June 19, 2025

Popular Story

  • IMF Forecasts: The Fastest Growing Economies in 2024

    IMF Forecasts: The Fastest Growing Economies in 2024

    0 shares
    Share 0 Tweet 0
  • BlackRock Joins Blockchain Platform Axoni for Equity Swap Trades

    0 shares
    Share 0 Tweet 0
  • Tight Liquidity Threatens Nigerian Banks Amid CBN’s 50% Reserve Policy – Report

    0 shares
    Share 0 Tweet 0
  • Fair Money Job Opening: Regional Sales Manager

    0 shares
    Share 0 Tweet 0
  • CBN Crackdown: Nigerian Banks Face Dividend Freeze Until 2028

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>