Yemi Obafemi
The Nigerian National Petroleum Company Limited (NNPCL), has clarified that fuel prices are now dictated by market dynamics, rather than negotiated agreements between NNPC and marketers, under the deregulated system.
The NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, stated this.
The clarification followed IPMAN President, Abubakar Maigandi, statement on NNPCL agreement to reduce the ex-depot price of petrol for its members from N958 per litre to N955 per litre. However,
The statement read: “There is no price agreement between IPMAN, NNPC, or any marketer. The market forces determine prices under the current deregulated regime,” Soneye said.
He also said NNPC offered a one-time N3 discount to marketers who had already deposited funds with them, aiming to ease fuel lifting and prevent supply shortages.
“This was a temporary measure. Prices are still determined by market forces, not by NNPC Ltd.,” he added.
