The Nigerian National Petroleum Company Limited said the recent hike in the pump price of Premium Motor Spirit was influenced by Foreign Exchange and unrestricted free market forces.
Reacting, Segun explained that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.” He stressed that Section 205 of the Petroleum Industry Act, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces. According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd.
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