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Nigerians eagerly await the release of petrol from the $20bn Dangote Petroleum Refinery, with the Nigerian National Petroleum Company Limited set to lift the product on September 15.
However, the price of petrol will be influenced by foreign exchange rates and market forces, as the market has been deregulated.
Oil marketers report that around 2,000 tankers are still waiting to load the product at various depots, while the Federal Government declares a massive supply of petrol at the weekend as vessels have started offloading, but rules out PMS price fixing.
The NNPC cites foreign exchange illiquidity as a significant factor influencing petrol price fluctuations, which are now determined by unrestricted free market forces as per the Petroleum Industry Act.
