…NNPCL attributes hike to market forces, says no supply shortfall
Oil markers on Tuesday increased their petrol pump price from N488 per litre to N568 in Lagos State. The development made long queues of motorists resurface in many filling stations in the state as petrol consumers engage in panic buying in the stations.
Meanwhile, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) attributed market forces for the increase in petrol pump price from N540 to N617 per litre in Abuja and from N488 per litre to N568 in Lagos.
He said the increase was not because of a short supply of petrol.
He spoke with state house correspondents after a meeting with Vice President Kashim Shettima at the Aso Villa.
Kyari said, “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.”
