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Saturday, September 30, 2023

Breaking: NNPC MD, Kyari Meets Shettima, Speaks On Petrol Price Increase

The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari has attributed the recent rise in petrol pump price from N540 to N617 per litre to market forces.

Kyari offered this explanation on Tuesday following a meeting with Vice President Kashim Shettima at the Aso Villa.

He assured state house correspondents that the price increase is not a consequence of a petrol shortage.

According to earlier reports by News Verified, the price of petrol in the NNPC fueling station has been increased to N617.

He said, “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.

“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.

“I’m also assuring Nigerians that this is the best way to go forward so that we can adjust prices when market forces come into play. I don’t have the details at this moment, but I know that our marketing wing acts just like every other company in this business. I know that a number of companies have imported petroleum products today. So, many of them are online. I’m sure my colleague would confirm this. Market forces have started to play; people have started having confidence in the market. Private sector people are importing products, but there is no way they can recover their cost if they cannot take market reflective cost.”

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