The Nigerian National Petroleum Company Limited (NNPC Ltd.) has clarified that Premium Motor Spirit (PMS) prices are fully driven by free market forces, as stipulated by the Petroleum Industry Act (PIA) of 2021.
Executive Vice President of Downstream, Mr. Adedapo Segun, revealed during a recent TVC News appearance that the ongoing forex illiquidity has contributed to the fluctuations in fuel prices.
Segun emphasized that the current scarcity should ease soon, with more filling stations recalibrating their systems to resume sales.
He noted that the NNPC is collaborating with marketers to ensure stations operate longer hours, ensuring sufficient supply across the country.
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