NNPC: New petrol price doesn't reflect market realities

  • 📰 thecableng
  • ⏱ Reading Time:
  • 77 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 34%
  • Publisher: 80%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

NNPC says the current price of premium motor spirit, also known as petrol, does not reflect market realities.

In Lagos, the petrol price at NNPC retail stations is N855 per litre, while in Abuja, the product is sold for N897.“What I can tell you simply is that the pump price today is still not market reflecting. And so, if we are, and we should be moving towards market reflective pump prices, so the competition can kick in,” Segun said.

“NNPC is the sole provider of PMS in the country today and that is abnormal, we should have a situation where everyone who is in the business is able to bring in PMS and sell. And the consumers get the best situation.”“We are doing our best to ensure that there are no diversions. When you have a price change situation, typically it takes a few days for all of the stations to recalibrate their meters. So that’s basically the situation we are in now,” he said.

“I expect that this will fizzle out within the next few days as more stations calibrate and begin to sell.”“I can assure you that we have a good relationship with our suppliers. And as we speak, we don’t have a problem with the supplies coming in,” he said. “Yes, we do have a challenge with payments. And that’s largely due to the fact that there are some effects of liquidity, as it’s obvious. And that is the challenge as much as we can, we are making payments to them.“And talking about the debts, I wouldn’t want to go into that issue. But yes, there is a debt. There may have been a denial of the exact amount that was posted in the media. It wasn’t a correct amount, so maybe that was a denial. But yes, there is a debt.

“It’s not news to anyone. But we are doing all we can to make sure that we retain the confidence of our suppliers. And I can assure you that our suppliers have confidence in our ability to pay.”Segun said NNPC has never defaulted in making its payments, which is why the suppliers continue to back the company.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines