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* Exonorates Tinubu from pump price hike
By John Egie
The current fuel scarcity across the country will subside in a few days as more fuel stations recalibrate and begin operations.
The assurance was given by the Executive Vice President of Downstream, NNPC Ltd, Mr Adedapo Segun while speaking on a TVC ‘Journalists Hang out’ show, yesterday, Thursday.
He exonerated the Federal Government and the Nigeria National Petroleum Company Limited, NNPCL, from blame on the current hike in pump price of Premium Motor Spirit, PMS, saying that the increase was in response to unrestricted free market forces which is influenced by forex illiquidity.
The situation, he explained is in consonance with Section 205 of the PIA, which established NNPC Ltd., which stipulates that petroleum prices should be determined by unrestricted free market forces.
According to him, “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.”
On the commencement of lifting PMS from the Dangote Refinery, Segun said that the NNPC Ltd. was awaiting the September 15th timeline provided by the Refinery.
Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd. has nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”
He assured Nigerians: “We are also engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured.
The scarcity should ease in the next few days as more stations recalibrate and begin operations.” He assured.
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