
The Federal Government of Nigeria has declared its non-intervention stance regarding the ongoing petrol pricing dispute between the Nigeria National Petroleum Company Limited (NNPCL) and Dangote Refinery.
President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, clarified this position during a briefing with State House correspondents in Abuja.
The government emphasized that both NNPCL and Dangote Refinery are free to set their own market prices for petrol, also known as Premium Motor Spirit (PMS), due to the deregulated nature of the petroleum market.
Onanuga stated, "The PMS price regime has been deregulated. Dangote is a private company. NNPCL you should not forget is a limited liability company."
This deregulation means that petrol prices in Nigeria are now determined by market forces rather than government intervention. The Federal Government believes that this competitive environment will ultimately benefit consumers by potentially driving prices down.
Onanuga noted, "It is the consumers who benefit if a price war starts. If NNPC fuel is too much, the public market can go to the market and bring in their own fuel and sell at the price that they think is very reasonable and profitable for them."
Currently, the lowest pump price of petrol stands at N895 per litre, amidst the pricing conflict between NNPCL and Dangote. Despite the high prices, the government remains firm in its decision not to interfere, allowing market dynamics to dictate the outcome.
Comments