Kyari: Market Forces Responsible for Fuel Price Hike 

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*Says no shortfall in product supply  ⁣

Deji Elumoye in Abuja 

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Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPPL), Mele Kyari, has blamed market forces for the increase in pump price of petrol from N537 to N615 per litre.

Speaking with newsmen on Tuesday after  meeting with Vice President Kashim Shettima at the State House, Abuja, the NNPCL boss explained that the increase is not based on short supply of fuel.⁣

According to him: “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.

⁣“No, there is no supply issue. It is not a supply issue.⁣

⁣“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’s explanation came few hours after some filling stations operated by the NNPCL increased the pump price of Premium Motor Spirit, popularly called petrol, from N537/litre to N615/litre in Abuja.⁣

Details later…

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