Why We Allowed NNPC To Determine Price Of Petrol From Dangote Refinery – NMDPRA

- 5 seconds ago ICESpice Sophie Sahu ICEspice ICESpice Sophierain Spiderman Sahu Ebang Bang Guinea Tape Corinna Breckie Camilla Jameliz Jaden WillLewis Bhabie ElSiri Kendall SkyBri HMP Ari Mexico ICESpice SophieRain Sahu Ebang Baltasar Baltasar Baltasar CorinnaKopf Breckie Camilla Jameliz Jaden WillLewis Bhadbhabie Drake Sky Bri GraceCharis Diddy Ari Islamoon Kendall HMP Minah Leaked Sophie ElSiri Tape ICESpice SophieRain ICESpice Sahu CorinnaKopf Breckie Camilla Jameliz Jaden Willlewis Bhabie 34738814 34738825 34738842 34738850 34738873 34738889 IceSpice Sophierain Sahu Camilla Jameliz Jaden WillLewis Bhabie ICESpice Sophie Rain Sahu Bang Video Kopf Breckie
O

Oladipo Abiola

Guest
Why We Allowed NNPC To Determine Price Of Petrol From Dangote Refinery - NMDPRA

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied suggestions that the Nigerian National Petroleum Company Limited (NNPCL) has been allowed to usurp its powers by determining the price of petrol coming from Dangote Refinery.​


The NMDPRA maintained that the deal between Dangote Refinery and NNPCL was based on a willing seller and willing buyer relationship.

The Chief Executive Officer of NMDPRA, Engr. Farouk Ahmed, who made the submission, said in line with the provisions of the Petroleum Industry Act (PIA), 2021, the interaction of market forces is what determines the price of petrol in the country since the government has deregulated the sector.

He added that the role of the NMDPRA is not to allow anyone to go overboard by exploiting the market or the final consumers.

Naija News recalls after lifting petrol from Dangote Refinery as the sole buyer of products from the facility, the NNPCL released a price template which indicates ₦950.22 as the average price of a litre in Lagos State, and ₦1, 019.22 per litre for Borno State, the longest and extreme end of the supply route.

This development raised concerns among stakeholders and industry watchers, with insinuations that the NNPCL had taken over one of the key functions of the NMDPRA.

But speaking in a chat with Daily Trust on Tuesday, Engr. Ahmed said the controversy generated by the action is needless.

He submitted that the pump price announced by the NNPCL was meant for its outlets across the country, and other marketers are not bound by the prices.

“We try to restrain ourselves from needless controversy,” he said.

“But to put the record straight, the recent transaction between NNPCL and Dangote Refinery is strictly based on a willing buyer and a willing seller.

“But I know you will ask me that the supply is not sufficient in Nigeria, hence the high price. Of course, things would work fine when we have more players in the sector.

“But in a situation whereby some Nigerians expect us to regulate the price, it then means that the sector has not been deregulated; and it means we would continue to have problems,” he added.

The post Why We Allowed NNPC To Determine Price Of Petrol From Dangote Refinery – NMDPRA appeared first on Naija News.
 
You must log in or register to reply here.
Back
Top