By Suleiman Mustapha
The Nigerian National Petroleum Corporation (NNPC) has said that the petroleum market has been deregulated, and the prices would now be determined by market forces and not by the government or NNPC Ltd.
NNPC spokesman Femi Soneye stated this Friday.
He noted that the exchange rate also plays a crucial role in pricing.
He was responding to the current price of petroleum today with the emergence of refined products from Dangote Refinery.
According to him, once Dangote Refinery begins the rollout of PMS and NNPC commences lifting, the prevailing fuel price will be communicated to Nigerians.
“The market has been deregulated, and petrol prices are now determined by market forces, not by the government or NNPC Ltd. The exchange rate also plays a crucial role in price,’’ Soneye said.
