The Nigerian National Petroleum Company Ltd. has provided more information regarding the most recent increase in the price of petroleum motor spirit, also known as petrol.
The increase came after petrol outlets in the Federal Capital Territory and other regions of the country raised the price of petrol from N539 to N617.
The increase in fuel prices, according to Nigerian National Petroleum Company Ltd., is a result of market forces and realities.
This was said by the company’s Group Chief Executive Officer, Malam Mele Kyari, in an interview with newsmen on Tuesday in Abuja, shortly after a private meeting with the Vice President, Kashim Shettima, at the Presidential Villa.
According to Kyari, there is an adequate supply of PMS in the nation, so the price hike is unrelated to a problem with supply.
”I don’t have the details this moment. You know we have the Marketing Wing of the company, they adjust prices depending on the market realities.
”And this is the meaning of making sure that the market regulate itself so that prices will go up and sometimes they will come down also and this is really what we are seeing in reality this is how the market works.
”There is no supply issue completely when you go to the market you buy the product you come to the market and sale it at prevailing market price there is nothing to do with supply we don’t have supply issues.
”There are robust supply, we have over 32 days supply in the country, that’s not a problem. What I know is that the market forces will regulate the market, prices will go down sometimes and sometime it will go up but there will be stability of supply.”
He gave Nigerians the reassurance that the course of action was the best for the nation going forward.
Entertainment4 days ago
MohBad’s Cousin Breaks Silence on Broken Neck
Business3 days ago
Ex-Kaduna Gov, El Rufai Quits Politics, Returns To Private Sector As Board Chair of Venture Capital Firm
News3 days ago
‘We’ll Arrest, Charge To Court Anyone That Cannot Explain Their Sources of Wealth’ – Police
News15 hours ago
Kaduna Village Bombing: Death Toll Reaches 120 As Survivors Allege Military Bombed Twice
News11 hours ago
Tinubu’s Words, Body Language Shows He’s Uninterested In Security – Northern Elders
News1 day ago
85 Killed As Nigerian Army Bombs Village in Kaduna, Calls it ‘Mistake’ As AAC Kicks