The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified that the Nigerian National Petroleum Company Limited (NNPCL) has not overstepped its authority in setting petrol prices within the country.
Farouk Ahmed, the Chief Executive Officer of NMDPRA, addressed the recent suggestions that the NNPCL had assumed control over a significant responsibility of the agency.
He said, “We try to restrain ourselves from needless controversy.
“But to put the record straight, the recent transaction between NNPCL and Dangote Refinery is strictly based on a willing buyer and a willing seller.
“But I know you will ask me that the supply is not sufficient in Nigeria, hence the high price. Of course, things would work fine when we have more players in the sector.
“But in a situation whereby some Nigerians expect us to regulate the price, it then means that the sector has not been deregulated; and it means we would continue to have problems. CONTINUE READING”
