Adedapo Segun, Executive Vice President of Nigerian National Petroleum Company Limited (Downstream), has highlighted the need for a competitive market to ensure stable fuel prices and supply in Nigeria. Speaking on Arise Television’s *Morning Show* on Thursday, Segun expressed concerns that current pump prices do not reflect the true market conditions.
Segun noted that NNPCL, as the sole importer of Premium Motor Spirit (petrol), is not a deliberate choice but a response to reduced market participation by others. He emphasized that fuel prices should be determined by market forces rather than a single entity.
He also pointed out that achieving stable fuel prices and supply requires optimal market conditions, including liquidity in the foreign exchange market. NNPCL is collaborating with private refineries like Dangote to maintain a steady supply of crude oil, with plans to provide significant amounts in the coming months.
