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The Nigerian National Petroleum Company Limited (NNPCL) has confirmed that the much-anticipated petrol from the Dangote Refinery will enter the market on September 15, 2024, ushering in a new era for the petroleum industry.
This announcement was made in a press release signed by Chief Corporate Communications Officer Olufemi Soneye, stating that the price of petrol will now be determined by market forces rather than government intervention.
Adedapo Segun, NNPCL's Executive Vice President of Downstream, confirmed that the sector's deregulation is now in full effect, dispelling rumours that the NNPCL would continue to set fuel prices.
"The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd," Segun emphasised.
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Segun also highlighted that foreign exchange challenges had been a key factor in petrol price fluctuations. Section 205 of the Petroleum Industry Act (PIA) established the framework for deregulated pricing.
Regarding the ongoing fuel scarcity, Segun assured Nigerians that the situation would improve in the coming days.
"We are collaborating with marketers to ensure stations open early, close late, and maintain adequate fuel supply. The scarcity should ease in the next few days as more stations recalibrate and begin operations," he added.
NNPCL's confirmation follows the Federal Government's declaration that a massive supply of petrol is expected by the weekend, though it ruled out any price fixing.