Price Of Petrol Increased From N537 To N617 Per Litre Coz Of ‘Market Forces’ –NNPCL CEO

The decision taken by service stations in Abuja and other parts of the country to increase the price of petrol from N537 to  N617 per litre was due to ‘market forces’, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has explained.

The removal of fuel subsidy had left oil prices to be determined purely by market forces.

Team@orientactualmags.com learned that Kyari , who said this on Tuesday while taking to journalists after meeting with Vice President Kashim Shettima  behind closed doors at the State House, Abuja, also clarified and asserted that it had nothing to do with a shortfall in petrol supply.

‘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.

 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 said.

Also speaking, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, attributed the price hike to increase in global crude oil prices.

‘Basically, what we’re seeing is the effect of market forces. You can see that crude oil prices have been on the rise. Just a week ago, crude oil prices hovered around $70 per barrel, but now it’s surpassed $80 per barrel. So naturally, these prices also influence the cost of the product’ he submitted-Team@orientactualmags.com
Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980. Thank you