The Executive Vice President, Downstream at Nigerian National Petroleum Company Limited (NNPCL), Mr. Adedapo Segun, says the NNPCL will not set the market price of petrol.
Instead, global market forces will dictate the price.
He emphasized that NNPCL is no longer a regulator in the oil and gas market but operates as a business entity like others.
The Nigerian National Petroleum Company Limited (NNPCL) has clarified that petrol pricing in Nigeria cannot be directly compared with other developed markets because the country still modulates pricing to ensure general affordability.
During a media chat with senior media practitioners in Lagos, Executive Vice President, Downstream, Mr. Dapo Segun, explained that despite reaching an agreement with the management of Dangote Refinery, the issue of pricing remains market-driven.
Regarding the Naira-for-crude deal instituted by the federal government, Mr. Segun stated that this is merely a payment solution and will not necessarily impact pricing.
He also refuted allegations of hoarding crude oil supplies to local refineries.
The federal government had previously informed Nigerians that loading of petrol from Dangote Refinery would commence on Sunday, September 15, 2024. Mr. Segun added that starting from October 1st, NNPCL will supply approximately 385,000 barrels per day of crude to the Dangote Refinery, to be paid for in Naira.
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