Fuel Scarcity to Ease in Next Few Days—NNPC Assures Nigerians

By Aduragbemi Omiyale

The Nigerian National Petroleum Company (NNPC) Limited has assured Nigerians that the long queues at filling stations across the country “should ease in the next few days.”

This assurance was given by the Executive Vice President of Downstream at NNPC, Mr Adedapo Segun, when he appeared on TVC News’s flagship programme, Journalist Hangout, on Thursday evening.

He blamed foreign exchange (FX) market volatility in the country for the current scarcity of premium motor spirit (PMS), otherwise known as petrol.

But he reiterated that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”

He disclosed that when there is a price adjustment, it takes time for petrol stations to recalibrate their fuel dispensers, urging consumers to remain clam.

According to him, the NNPC was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”

Mr Segun reemphasised that, “We are also engaging relevant authorities to ensure product diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations.”

The NNPC top shot said normally, the price of the product should be fluctuating based on the global price of crude oil because the sector has been fully deregulated.

“The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC. Additionally, the exchange rate plays a significant role in influencing these prices,” he stated.

Mr Segun noted that Section 205 of the Petroleum Industry Act (PIA), 2021, which established NNPC, stipulated that unrestricted free market forces determined petroleum prices.

While speaking on the commencement of lifting PMS from the Dangote Refinery, he said that the NNPC was awaiting the September 15 timeline provided by the refinery.