WATCH THE VIDEO HERE THE Executive Vice President of the Nigerian National Petroleum Company Limited (NNPCL) (Downstream), Adedapo Segun, has highlighted the importance of a fully competitive market to maintain stable fuel prices and supply in Nigeria. He raised concerns that the current pump price does not accurately reflect market realities. Segun made these remarks during an appearance on Arise Television’s Morning Show today. “The pump price today is not reflective of market conditions. NNPCL is the sole importer of PMS in the country, which is an unusual situation. We should be moving towards a market-driven pricing system,” he said, emphasizing that fuel prices should be determined by market forces rather than a single entity. Segun clarified that NNPCL’s position as the sole importer of Premium Motor Spirit (petrol) was not by choice but a response to prevailing market conditions. “To be clear, NNPCL is not a regulator. We didn’t choose to be the sole importer, nor do we control who participates in the market. We stepped in when others scaled back. It’s not about monopolizing the market,” he explained. He further noted that achieving price stability and fuel supply would require ideal market conditions, including increased liquidity in the foreign exchange market. “Market conditions need to be optimal, and there must be sufficient FX liquidity,” he added, suggesting that wider economic reforms may be necessary to address fuel pricing challenges. NNPCL has been collaborating 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 disclosed.
Fuel hike: Pump price yet to reflect market conditions — NNPCL
