In a statement following a meeting with Vice President Kashim Shettima at Aso Rock on Tuesday, July 18, 2023, Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, has clarified that the recent surge in pump prices of Premium Motor Spirit (PMS), commonly known as petrol, is primarily due to market forces.
Kyari emphasises that with the deregulation of the oil sector, the prices of petrol will be influenced by prevailing market realities, leading to fluctuations both upwards and downwards. He reassures Nigerians that there is an ample supply of petrol, dismissing claims that the price increase is linked to supply shortages.
“We have robust supply; we have over 32 days of supply within the country,” Kyari states.
He points out that the NNPCL’s marketing team is responsible for price adjustments, which are based on market dynamics. This, according to Kyari, ensures the self-regulation of the market, allowing prices to adjust in response to prevailing conditions.
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