NNPC: Market forces responsible for increase in price of Petrol

The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, says market forces are responsible for the rising pump prices of Premium Motor Spirit (PMS) known as petrol, which has increased from N540 to N617 per litre.

Kyari while speaking with journalists after a meeting with Vice President Kashim Shettima at Aso Rock, Abuja, said with deregulation of the oil sector, market realities will force the prices of petrol up sometimes and at other times force the prices down.

The NNPCL boss said the increase in the price per litre of petrol from over N500 to N617 is not a supply issue, assuring Nigerians that the country has “robust supply” of the vital commodity. Kyari added Nigeria has over 32 days of supply and not short of petrol.

He said the marketing team of the NNPCL is responsible for price adjustment and that the team “adjust prices depending on market realities”.