The Nigerian National Petroleum Company Limited (NNPCL) has confirmed continuous payment of subsidy, while saying that it cannot guarantee that fuel queues will vanish any time soon.
This was made known by NNPCL Executive Vice President (Downstream) Adedapo Segun in an elaborate interview the Arise television.
Adedapo in the interview the NNPCL is a regular company like other marketers, it continues to intervene in the meantime to pay the differentials in pricing to supply petrol to consumers at an affordable price.
He stressed that NNPCL increased pump price recently.
According to him, the price is still not within market rate, noting that it should ideally sell at an even higher rate.
“Let me put it in the proper context. NNPCL is not a regulator. We didn’t choose to be the sole importer. We don’t determine who plays in the market. We stepped in when others reduced their participation. It’s not about wanting to be monopolists,” Segun explained.
The Executive Vice President failed to assure Nigerians that the lingering petrol queues will disappear soon.
Segun explained that, going with the debt the company is owing, it will be difficult to order for large consignments, which will only further plunge NNPCL into deeper debt.
He however assured that the company is cooperating with Dangote Refinery in ensuring regular supply.
