The Nigerian National Petroleum Company Limited (NNPC) yesterday said it was working hard to resolve the current petrol scarcity being experienced across the country.
Dapo Segun, Executive Vice President of downstream Operations at NNPC, blamed the present shortages on foreign exchange illiquidity, distribution challenges, and the need to balance imports with existing debts.
Segun spoke during an interview on Arise News, the broadcast arm of THISDAY newspapers.
Although he stated that NNPCL was actively working to resolve the supply shortfall, Segun did not provide a specific timeline for ending the long fuel queues.
He emphasised that a significant challenge in the market was the reluctance to allow prices to be determined by market forces.
Segun said, “First, we have conditions that affect our ability to distribute fuel efficiently. We do have a constraint of FX illiquidity. And when you have that situation, you have to strike a very fine balance between the size of your debts and the volume of products that you import.”
