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NNPCL: Reason fuel pump prices rose to N617/litre
Mele Kyari, the group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), has said that market forces are to blame for the increase in gas prices in Nigeria.
This comes after a recent price hike from N540 to N617 per litre, which, according to him, shows the dynamics of a pricing strategy that is controlled by the market.
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After a private meeting with Vice President Kashim Shettima at the State House in Abuja, Kyari spoke to the media, saying, “They are just prices depending on the market realities. This is the meaning of making sure that the market regulates itself. Prices will go up and sometimes they will come down also.”
However, he debunked notions that the price increase is due to a shortfall in petrol supply.
“No, there is no supply issue. It is not a supply issue.
“When you go to the market, you buy the product, you come to the market and sell it at its prevailing market price. It has nothing to do with supply. We don’t have supply issues.
“We have a robust supply. We’ve had over 32 days of supply in the country. That’s not a problem,” he explained.
