NNPCL explains why fuel pump price rose to N617/litre

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, has claimed that the increase in petrol pump prices in Nigeria is due to market forces.

On Tuesday, there was a price increase from N540 to N617 per litre.

Addressing journalists after a closed-door meeting with Vice President Kashim Shettima at the State House, Abuja, Kyari said, “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.