The Nigerian National Petroleum Company Limited (NNPCL) says it has supplied 30 million barrels of crude oil to the Dangote refinery to date.
The Executive Vice President of NNPCL Downstream, Adedapo
Segun, disclosed this on Thursday while speaking during an appearance on Arise
Television.
Adedapo noted that plans were underway to supply an
additional 17 million barrels to the refinery soon.
“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
stated.
He explained that this development is part of the Federal
Government’s strategy to sell crude oil to local refineries, noting that the
6.3 million barrels will be delivered in seven cargo shipments.
“The pump price today is not reflective of the market. NNPCL
is the sole importer of Premium Motor Spirit (PMS) in the country, which is
abnormal. We should be moving towards a situation where the free market
determines prices,” he added.
On the matter of the NNPCL being the sole importer of
petrol, he clarified that this was not intentional but rather a response to
prevailing market conditions.
“Let me put it into proper perspective. NNPC is not a
regulator. We didn’t choose to be the sole importer. We don’t determine who
participates in the market. We stepped in when others reduced their
participation. It is not about us wanting to be monopolists,” he stated.
According to him, ensuring a stable fuel supply and price
necessitates ideal market conditions, including a more liquid foreign exchange
market.
“Market conditions need to be ideal, and there needs to be
FX liquidity,” he added, suggesting that broader economic reforms may be needed
to address the fuel pricing issue,” he added.
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