Mele Kyari confirms petrol pump price increase to N617/litre, explains why

By KEMI KASUMU

The earlier report of fuel pump price increase early Tuesday has been officially confirmed.

The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, made the confirmation with an explanation on reason.

He said market forces were responsible for the rising pump price of the product.

Kyari spoke Tuesday afternoon after a meeting with the Vice President, Senator Kashim Shettima, at the Aso Rock.

He said with deregulation of the oil sector, market realities will force the price of petrol up sometimes and at other times force it down.

The NNPCL boss said the increase in the pump 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.

Kyari said Nigeria has over 32 days of supply and not short of petrol.

Kyari said the marketing team of the NNPCL is responsible for price adjustment and that the team “adjust prices depending on market realities”.