We Don’t Determine Who Participates In The Market, We Are Not A Regulator – NNPCL

The Nigerian National Petroleum Company Limited has come out to announce that it has supplied 30 million barrels of crude oil to the Dangote oil refinery.

The Executive Vice President of NNPCL Downstream, Adedapo Segun recently had his say while speaking to the press, and Nigerians have been reacting.

According to him, NNPCL plans to supply 11.3 million more barrels in October, and Nigerians who refer to the company as the regulator should know that they did not choose to be the sole importee.

He added that NNPCL does not determine who participates in the market, and they only stepped in when others reduced their participation.

His words, “We have supplied about 30 million barrels to Dangote so far—6.3 million this month, and we will supply 11.3 million in October.

The pump price today is not reflective of the market. NNPCL is the sole importer of Premium Motor Spirit (PMS) in the country, which is abnormal. We should be moving towards a situation where the free market determines prices.

Let me put it into proper perspective. NNPC is not a regulator. We didn’t choose to be the sole importer. We don’t determine who participates in the market. We stepped in when others reduced their participation. It is not about us wanting to be monopolists.

Market conditions need to be ideal, and there needs to be FX liquidity.”