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Yoruba Assembly: NNPC not manipulating petrol price — market has been deregulated

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Yoruba Stakeholders Assembly, a socio-cultural group, says the Nigerian National Petroleum Company (NNPC) Limited is not manipulating the prices of petrol.

Ayodele OluwafemiYoruba Stakeholders Assembly, a socio-cultural group, says the Nigerian National Petroleum Company is not manipulating the prices of petrol.

“Contrary to popular belief, it is imperative to clarify that neither the government nor the Nigerian National Petroleum Company Limited possesses the authority to fix the price of PMS.“The pricing mechanism for PMS has undergone a significant transformation, evolving into a deregulated market where market forces predominantly dictate prices.

“Recent discussions have brought to light the fact that NNPC Ltd procured fuel from Dangote Refinery at a cost of N898 per litre. “This has been possible due to NNPC Ltd covering the shortfall — an effort that, while noble, has become an unsustainable endeavor.

 

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