The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has disclosed that market forces are responsible for the rising pump prices of Premium Motor Spirit (PMS) known as petrol.
Kyari spoke on Tuesday afternoon after a meeting with Vice President Kashim Shettima at Aso Rock, Abuja, Channelstv reports.
He added that with deregulation of the oil sector, market realities will force the prices of petrol up sometimes and at other times force the prices down.
The NNPCL boss said the increase in the price per litre of petrol from over N500 to N617 is not a supply issue, assuring Nigerians that the country has “robust supply” of the vital commodity.
He further said that Nigeria has over 32 days of supply and not short of petrol, adding that the marketing team of the NNPCL is responsible for price adjustment and that the team “adjust prices depending on market realities”.
He was quoted to have said, “This is really what is happening; this is making sure that the market regulates itself so that the prices will go up and sometimes, it will come down also.”
Kyari further assured Nigerians that the country is not in short supply of the essential commodity, adding that the rising price of petrol has nothing to do with supply difficulties.