The CEO of the Nigerian National Petroleum Company (NNPC) Ltd, Mele Kyari has attributed the increase in petrol pump price from N540 to N617 per litre to market forces.
Speaking after a meeting with Vice-President Kashim Shettima at the Aso Villa, Mr Kyari stated that the price hike was not due to a shortage in petrol supply, saying that prices fluctuate depending on market realities, and that the market would regulate itself.
“There 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 said.
Kyari said the country has a robust supply of the product with over 32 days’ worth of supply available.
Recall that on May 29, President Bola Ahmed Tinubu announced removal of fuel subsidy which raised the price of petrol to between N537 per litre and N488.
Motorists, particularly commercial transporters had expressed concern with the sudden increase of the product to N617 naira.
Veteran journalist and recipient of A.B.C Yola, Reporter of the Year Award (1997), Hassan Umar Shallpella, works with WAP as a Regional Correspondence. He was trained at Institute of Mass Communication and Technology Jos and Federal Radio Corporation of Nigeria, Training School Lagos.He was a News desk Editor and a Correspondent at the Punch newspaper and till 2019, was the Deputy Editor ofThe Scope newspaper.
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