Business
NNPC Boss, Mele Kyari Explains Why There Is A New Jump In Petrol Price
insists it is not supply related
The latest jump in the pump price of petrol has been explained.
Mele Kyari, the Group Chief Executive Officer at the Nigerian National Petroleum Company (NNPC) Limited attributes it to “market realities”
The “market realities” have jumped the pump price of petrol to between N568 to N617 today July 18, 2023, barely weeks after the announcement of the removal of fuel subsidy by President Bola Ahmed Tinubu during his inauguration speech on May 29, 2023, soared the pump price from about N180 to between N500 to N520.
Providing an insight into the latest increase in the pump price of petrol, the NNPC limited front man who insists it is not supply related explained ” 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…
“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.”
Kyari who made the disclosures in a media chat after meeting with Vice President Kashim Shettima stated emphatically that “No, there is no supply issue. It is not a supply issue.”
