The Executive Vice President of Nigerian National Petroleum Company Limited (Downstream), Adedapo Segun, has emphasised the need for a perfectly competitive market to ensure stable fuel prices and supply in Nigeria.
He expressed concern that the current pump price does not accurately reflect prevailing market conditions.
Segun made this statement during an appearance on Arise Television’s Morning Show on Thursday.
“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 clarified 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.
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