Nigerians have been advised to brace for more fuel scarcity following the recent hike in the pump price of the product.

The Executive Vice President of Nigerian National Petroleum Company Limited (Downstream), Adedapo Segun, has emphasised the need for a perfectly competitive market to ensure stable fuel prices and supply in Nigeria.

He expressed concern that the current pump price does not accurately reflect prevailing market conditions.
Segun made this statement during an appearance on Arise Television’s Morning Show on Thursday.

“The pump price today is not market reflective. NNPCL is the sole importer of PMS in the country, which is abnormal. We should be moving towards a situation where the free market determines prices,” he said, stressing that market forces, rather than any single entity, should dictate fuel prices.

Segun clarified that NNPCL’s role as the sole importer of Premium Motor Spirit (petrol) was not a deliberate choice by the company but a response to market conditions.


“Let me put it in the proper context. NNPCL is not a regulator. We didn’t choose to be the sole importer. We don’t determine who plays in the market. We stepped in when others reduced their participation. It’s not about wanting to be monopolists,” he explained.

He also stated that achieving a stable fuel supply and price would require ideal market conditions, including a more liquid foreign exchange market.

“Market conditions need to be perfect, and there must be FX liquidity,” he added, suggesting that broader economic reforms may be necessary to address the fuel pricing issue.
NNPCL has been working closely with private refineries, such as Dangote, to ensure a steady supply of crude oil for refining.

“We have supplied about 30 million barrels to Dangote so far: 6.3 million this month, and we will supply 11.3 million in October,” Segun revealed.
https://punchng.com/just-in-nigerians-must-brace-for-more-fuel-scarcity-nnpcl-official/

Let them starve Dangote of crude if they want.

What a heart break!

Useless corruption bastards subserving the corrupt ego of their corrupt sponsors. You will all go down for all the pain you are causing this nation

Tinubulation continues

This country is going on extinct... With all the price hike, the product won't still be available. God why? How person want take survive.

Na Nigerians wey dey tolerate all this bullshit I blame

Whats Kyari doing sef?

NASS should call him up for questioning

CyrusVI:


Whats Kyari doing sef?

NASS should call him up for questioning

Who's your minister of petroleum and can't you call him out?

Oshiomole has this to say to Nigerians - “be patient”

Meaning the price of fuel will increase further. Nigeria eku iroju oooo. God help Nigerians in this Tinubu inflated regime

TemplarLandry:

GOD has something to say concerning every situation and this valley we're in now is not an exception.

My gallant Nigerians, don't fidget.

Babablu bulabu.

After voting in a disaster, they are now using God as a cover to hide their ineptitude.

Tinubu is a weapon fashioned against Nigeria.

Nlfpmod, shege bansa loaded already. NNPC still boasting.

Haters looking for ways to discredit our Jagaban.






Our darling president we the youths are solidly behind you

iwaeda:
Nigerians have been advised to brace for more fuel scarcity following the recent hike in the pump price of the product.
The Executive Vice President of Nigerian National Petroleum Company Limited (Downstream), Adedapo Segun, said this while speaking on Thursday on Arise Television’s Morning Show.
Scarcity: NNPC constitutes economic danger, sell it
He emphasised the need for a perfectly competitive market to ensure stable fuel prices and supplies in Nigeria.
Details later…

Even with Dangote already online?

COMRADES are speechless, Tinubu is a big disgrace

What a shame

Melagros:
COMRADES are speechless, Tinubu is a big disgrace

What a shame

Kobojunkieee:
Even with Dangote already online?

The more you know, the less you understand.

iwaeda:
■ The more you know, the less you understand.

Is Dangote really up and running as they claim? The plant is supposed to churn out thousands of barrels of fuel daily, so if not even a drop of the fuel has hit the market in the last 24 hours doesn't that mean what we were told of it being ready to ship 10s of thousands of barrels each day is not of fact?

Kobojunkieee:
Is Dangote really up and running as they claim? The plant is supposed to churn out thousands of barrels of fuel daily, so if not even a drop of the fuel has hit the market in the last 24 hours doesn't that mean what we were told of it being ready to ship 10s of thousands of barrels each day is not of fact?

The more you see, the little you know.

Hardship reloaded.

Kobojunkieee:
Is Dangote really up and running as they claim? The plant is supposed to churn out thousands of barrels of fuel daily, so if not even a drop of the fuel has hit the market in the last 24 hours doesn't that mean what we were told of it being ready to ship 10s of thousands of barrels each day is not of fact?

Let me mynd my business Baba kobojunkiee, it will end in praise, oluwa seun.

OkCornel:
Oshiomole has this to say to Nigerians - “be patient”

I hate this sex-maniac Oshiomhole with every fibre of my being

Jamie248:


I hate this sex-maniac Oshiomhole with every fibre of my being

Real suffering.

Still surprise the minister of petroleum and the NNPC boss still have a job to call their own. What exactly is the job they are been paid for?