The Nigerian National Petroleum Company Limited (NNPCL) has assured the general public that ongoing price competition in the downstream petroleum sector will ultimately benefit consumers.
‎The Group Chief Executive Officer of NNPCL, Bayo Ojulari made the assurance on Sunday
‎He described current market tensions as a natural consequence of the nation’s move from total import dependence to domestic refining.
‎Clarifying NNPCL’s role in the deregulated market, Ojulari noted that the company was no longer responsible for petroleum product pricing or regulation under the Petroleum Industry Act.
‎He noted that the NMDPRA was responsible for all downstream and midstream regulation while the NUPRC was responsible for all upstream regulations.
‎The group CEO described NNPCL as the supplier of last resort, working closely with all key downstream players, including Dangote Refinery, to ensure product availability.
‎Ojulari further disclosed that NNPCL no longer received federation allocations and must raise finance independently like any other business.
Edited by Favour Owonibi.