The Nigerian National Petroleum Company Limited has indicated the rise in the price of Premium Motor Spirit (PMS) otherwise known as petrol to the market realities.
This was made known by the Group Chief Executive Officer of NNPC, Malam Mele Kyari, during an interview with journalists shortly after a private meeting with the Vice President, Kashim Shettima, at the Presidential Villa, on Tuesday, July 18, 2023, in Abuja.
Kyari said that the rise in the pump price of petrol has nothing to do with supply issues, adding that there are robust supplies of the product in the country.
The market is self-regulatory
Kyari said,
” I don’t have the details at this moment. You know we have the Marketing Wing of the company; they adjust prices depending on the market realities.
” And this is the meaning of making sure that the market regulates itself so that prices will go up and sometimes they will come down also and this is really what we are seeing in reality this is how the market works.
” There is no supply issue completely when you go to the market you buy the product you come to the market and sell it at the prevailing market price there is nothing to do with supply, we don’t have supply issues.
” There is robust supply, we have over 32 days’ supply in the country, and that’s not a problem. What I know is that the market forces will regulate the market, prices will go down sometimes and sometimes it will go up, but supply will be stable.’’
He assured Nigerians that the policy was the best way for the country to go forward.
Edited by Damilola Adeleke
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
