Close Menu
  • Home
  • Politics
  • Entertainment
  • News
  • Interviews
  • Events
  • Fashion
  • Article
  • Lifestyle
  • Movies & TV
  • Music
What's Hot

Tinubu’s classmate, Alex Zingman faced arms dealing allegation in Congo and Zambia

Customs intercepts N3.6bn worth of dry donkey skin in Imo

House of Reps Stops appointment process for new University of Abuja VC, Registrar

Facebook X (Twitter) Instagram
  • Home
  • Politics
  • Entertainment
  • News
  • Interviews
  • Events
  • Fashion
  • Article
  • Lifestyle
  • Movies & TV
  • Music
Facebook X (Twitter) Instagram Pinterest
DAILY BLAST
Contact
HOT TOPICS
  • Home
  • Politics
  • Entertainment
  • News
  • Interviews
  • Events
  • Fashion
  • Article
  • Lifestyle
  • Movies & TV
  • Music
DAILY BLAST
You are at:Home»Article»Fuel hike: Pump price yet to reflect market conditions – NNPC
Article

Fuel hike: Pump price yet to reflect market conditions – NNPC

DailyblastBy DailyblastSeptember 5, 2024002 Mins Read
Share WhatsApp Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram Copy Link
Share
Facebook Twitter LinkedIn Pinterest Email WhatsApp Copy Link

The Executive Vice President of Nigerian National Petroleum Company Limited (Downstream), Adedapo Segun, says the company wants a competitive market to ensure stable fuel prices and supply in Africa’s most populous nation.

According to Segun,  the current fuel pump price does not accurately reflect prevailing market conditions.

Related posts:

  1. #FuelSubsidy: NNPC confirms adjusted fuel pump prices of over N500 per litre
  2. We are not responsible for recent hike in petrol pump price – FG
  3. NNPCL increases fuel pump price to N617 per litre
  4. FOSAD demands immediate reversal of fuel price hike to prevent further poverty on Nigerians

“The pump price today is not market reflective. NNPCL is the sole importer of PMS in the country, which is abnormal. We should be moving towards a situation where the free market determines prices,” he said, stressing that market forces, rather than any single entity, should dictate fuel prices.” Segun said on Arise Television’s Morning Show on Thursday, September 5.

Segun said that NNPCL’s role as the sole importer of Premium Motor Spirit (petrol) was not a deliberate choice by the company but a response to market conditions.


“Let me put it in the proper context. NNPCL is not a regulator. We didn’t choose to be the sole importer. We don’t determine who plays in the market. We stepped in when others reduced their participation. It’s not about wanting to be monopolists,” he explained.


He said that achieving a stable fuel supply and price would require a more liquid foreign exchange market.


“Market conditions need to be perfect, and there must be FX liquidity,” he added, suggesting that broader economic reforms may be necessary to address the fuel pricing issue.NNPCL has been working closely 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,” he added.

Post Views: 251
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram WhatsApp Copy Link
Previous ArticleVice President Shettima summons petroleum minister, NNPCL boss, NSA over petrol price hike
Next Article Don’t worsen our pains with petrol price hike – Yoruba Elders tell Tinubu
Dailyblast

Related Posts

NNPC increases fuel price to N915 in Lagos, N945 in Abuja

June 24, 2025

Man dies after sex romp with woman in Abuja hotel

June 24, 2025

Armed robbers attack Zone E Extension in Apo Resettlement, one person killed, others injured

June 24, 2025
Add A Comment

Comments are closed.

Recent Posts
  • Tinubu’s classmate, Alex Zingman faced arms dealing allegation in Congo and Zambia June 24, 2025
  • Customs intercepts N3.6bn worth of dry donkey skin in Imo June 24, 2025
  • House of Reps Stops appointment process for new University of Abuja VC, Registrar June 24, 2025
  • NNPC increases fuel price to N915 in Lagos, N945 in Abuja June 24, 2025
  • Israel and Iran agree to ceasefire to bring end to 12 day war – Trump says June 24, 2025
Top Posts

(Video) female prison officer filmed having sex with inmate in London prison

June 29, 20241,406 Views

UNN suspends lecturer for allegedly impregnating four students

February 17, 20253,155 Views

(Photos) Blood bath in Ihiala as gunmen kill billionaire businessman, seven others while preparing for mother’s burial

January 2, 2025663 Views
Latest Reviews
Most Popular

(Video) female prison officer filmed having sex with inmate in London prison

June 29, 20241,406 Views

UNN suspends lecturer for allegedly impregnating four students

February 17, 20253,155 Views

(Photos) Blood bath in Ihiala as gunmen kill billionaire businessman, seven others while preparing for mother’s burial

January 2, 2025663 Views
Our Picks

Tinubu’s classmate, Alex Zingman faced arms dealing allegation in Congo and Zambia

Customs intercepts N3.6bn worth of dry donkey skin in Imo

House of Reps Stops appointment process for new University of Abuja VC, Registrar

© 2025
  • Privacy Policy
  • Contact

Type above and press Enter to search. Press Esc to cancel.