The Presidency has reaffirmed its stance on the ongoing price disagreement between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery, emphasizing that the government will not interfere as both entities operate as private businesses.
In a statement released by the Special Assistant to the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, the Presidency echoed Lokpobiri’s earlier remarks, noting that the petroleum sector has been deregulated, and prices will stabilize once supply becomes widely available.
During a press briefing, Special Adviser to the President on Information and Strategy, Bayo Onanuga, clarified that under the Petroleum Industry Act, NNPCL operates independently, despite government ownership. He reiterated that both NNPCL and Dangote Refinery, being private entities, are responsible for setting their own prices in the deregulated market.
Onanuga further pointed out that a price war between the two companies could lead to competitive pricing, benefiting consumers. He also highlighted the government’s focus on promoting alternative energy solutions like Compressed Natural Gas (CNG), which offers a cheaper and cleaner fuel option compared to petrol.
This statement reinforces the government’s commitment to a hands-off approach in the pricing of petroleum products, allowing market forces to dictate prices.
News Editor