The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has attributed the rise in petrol pump prices in Nigeria to market forces.
This follows a recent price increase from N540 to N617 per litre, which he said reflects the dynamics of a market-regulated pricing model.
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.