Advisors ReportsAdvisors Reports
  • News
  • Editorial
  • Feature
  • Special Report
  • Oil & Gas
    • Upstream
    • Midstream
    • Downstream
  • Power
    • Generation
    • Distribution
    • Transmission
  • Renewables
    • Solar
    • Nuclear
    • Hydrogen
  • Extractive Industry
  • Maritime
Search

Archives

  • July 2025
  • June 2025
  • May 2025
  • April 2025
  • March 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024

Categories

  • Advertorial
  • Concession
  • Distribution
  • Documentary
  • Downstream
  • Editorial
  • Energy Transition
  • Environment
  • Extractive Industry
  • Feature
  • Finance
  • Gas
  • Generation
  • Green Finance
  • Hospitality
  • Hydrogen
  • Hydroplant
  • Impact
  • Interview
  • Local Content
  • Maritime
  • Midstream
  • Mining
  • Mining & Solid Mineral
  • Multilateral Finance
  • News
  • Nuclear
  • Oil
  • Oil & Gas
  • Oil theft
  • Opinion-editorial
  • Photo News
  • Power
  • Renewables
  • Review
  • Sabotage
  • Security
  • Service Company
  • Solar
  • Special Project
  • Special Report
  • Sustainability
  • Technology
  • Transmission
  • Upstream
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: NNPC Ltd. attributes PMS price fluctuations to free market forces, exchange rates
Share
Sign In
Notification Show More
Font ResizerAa
Advisors ReportsAdvisors Reports
Font ResizerAa
Search
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
DownstreamNewsOil & Gas

NNPC Ltd. attributes PMS price fluctuations to free market forces, exchange rates

admin
Last updated: Thursday, September 5, 2024 10:03:51 PM
admin
Share
2 Min Read
SHARE

… scarcity will ease within a few days as more filling stations recalibrate, resume sales

By Thelma Tokunbo

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has identified the illiquidity of foreign exchange (forex) as a key factor contributing to the fluctuation in Premium Motor Spirit (PMS) prices, which are governed by free market forces under the Petroleum Industry Act (PIA) of 2021.

This was disclosed by Mr. Adedapo Segun, Executive Vice President of Downstream, NNPC Ltd., during an appearance on TVC News’ “Journalists’ Hangout” on Thursday.

His comments were further supported by a statement released by Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd., and obtained by Advisors Reports.

Segun explained that PMS prices are now determined by market dynamics as stipulated by Section 205 of the PIA, which established NNPC Ltd.

He emphasized that deregulation of the downstream petroleum sector means prices are no longer controlled by the government or NNPC Ltd. but are instead influenced by global market conditions.

He added, “The exchange rate plays a significant role in influencing these prices.”

Regarding the ongoing fuel scarcity, Segun noted that the situation is expected to ease within a few days as more filling stations recalibrate and resume PMS sales.

He reassured the public that NNPC Ltd., which operates nearly a thousand filling stations across the country, is working with marketers to ensure stations open early, close late, and maintain adequate fuel supply.

Additionally, he addressed concerns about lifting PMS from the Dangote Refinery, stating that NNPC Ltd. is awaiting the September 15, 2024, timeline provided by the refinery for operations to commence.

Segun concluded by affirming that NNPC Ltd. is engaging with relevant authorities to prevent product diversions and ensure timely deliveries to all stations, thus mitigating the scarcity.

“The scarcity should ease in the next few days as more stations recalibrate and begin operations,” the Executive Vice President of Downstream, NNPC Ltd. assured Nigerians.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Copy Link Print
Share
Previous Article Dangote says NNPCL yet to lift petrol from its refinery, debunks reports of sales at N897 per litre
Next Article Minister Heineken Lokpobiri debunks Dangote refinery’s claim of government price control in petrol market
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Recent Posts

  • Gas pricing disparity worsens power sector strain as GenCos buy at $2.70–$9MMBTU against $2.13MMBTU cap- Prof. Nnaji, Chairman Geometric Power
  • Rent-seeking regulations, dollarised operations threaten Nigeria’s energy transition – Engr. Emenike, Ag. MD, Neconde 
  • Nigeria Prize for Literature 2025: Advisory Board unveils 11-book longlist for $100,000 NLNG award
  • NSML identifies skilled maritime workforce development as key to navigating global regulatory changes
  • NNPC/HEIRS Energies launches OML 17 university scholarship scheme targeting 300 students

Recent Comments

No comments to show.
Follow US
© 2022 AdvisorsReports. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?