It was earlier reported that NNPCL mega-filling stations in Abuja had adjusted the price of petrol from N539 to N617 per litre.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said that the recent rise in petrol pump prices in Nigeria is caused by market forces.
It was earlier reported that NNPCL mega-filling stations in Abuja had adjusted the price of petrol from N539 to N617 per litre.
Following the adjustment of the price of Premium Motor Spirit popularly known as petrol to N617 at the NNPCL stations, prices of the product were also increased at fuel stations around the country, findings by SaharaReporters showed.
SaharaReporters learnt from motorists that fuel is now selling for not less than N620 per litre in Oyo State and N650 per litre in Ondo State. Some filling stations have been shut since Tuesday morning but residents Accuse many of them of hoarding the product.
With the situation, queues have returned to some filling stations selling the product at not more than N620 per litre as motorists fear that the prices could go even higher by Wednesday.
However, Mele Kyari after a closed-door meeting with the Vice President, Kashim Shettima at the State House, Abuja, told journalists that the prices were determined by market realities.
He denied rumours that the price increase and queues were caused by a shortfall in the supply of fuel.
He 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.”
“No, there is no supply issue. It is not a supply issue,” he said regarding claims of shortfall.
“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.
The CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, also addressed journalists, saying the price hikes were caused by market forces.
Source: SaharaReporters