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Rising Petrol Prices Are Result Of Allowing Market To Regulate Itself–Nigerian National Petroleum Company | Sahara Reporters

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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.

Rising Petrol Prices Are Result Of Allowing Market To Regulate Itself–Nigerian National Petroleum CompanyIt 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.

“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. SaharaReporters.

 

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