Victor EzejaAs Nigerians lament further hike in price of Premium Motor Spirit (PMS), the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has attributed it to market realities.
The national oil company on Tuesday, adjusted pump prices of petrol in its retail outlets across the country from N540 to N617.
NNPC had earlier increased fuel prices from N189 per litre to above N500 after President Bola Tinubu announced the removal of subsidy on petrol during his inaugural address on 29 May.
READ ALSO: NNPC Increases Fuel Price To N580/Litre, Oil Marketers Eye N700
Speaking to journalists on Tuesday, 18 July 2023 in Abuja after a closed door meeting with the vice president, Kashim Shettima, Kyari explained that the latest upward adjustment of pump prices was due to prevailing market realities.
He said the price would be fluctuating depending on market forces, adding that such is the nature of a deregulted market.
“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.”
He explained that the marketing team of the NNPCL had the responsibility of price adjustment, and the team “adjusts prices depending on market realities.”
On whether there is a problem of supply, Kyari said there is no supply issue.
“This is really what is happening. This is making sure that the market regulates itself so that prices will go up and sometimes, it will come down also.
“There is no supply issue. When you go to the market, you buy the product. You come to the market and sell it at the prevailing market prices. It has nothing to do with supply issues.”
“We have a robust supply. We’ve had over 32 days of supply in the country. That’s not a problem,” Kyari stated.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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