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Mele Kyari, the group chief executive officer of the Nigerian National Petroleum Company (NNPC) Limited, has addressed the recent surge in petrol pump prices in Nigeria.
He attributed the increase, from N540 to N617 per litre, to prevailing market forces rather than insufficient petrol supply.
Kyari emphasized that there is no supply issue and that the market regulates itself.
He also stated that Nigeria has a robust supply of petrol, with over 32 days of supply in the country.
Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, further explained that the rise in global crude oil prices, fluctuating freight costs, and various miscellaneous expenses faced by importers contribute to the changes in petrol prices.
The Nigerian National Petroleum Company Limited (NNPCL) recently increased the pump price of petrol, known as Premium Motor Spirit (PMS), from N537 to N617 per litre.
This is the second increase in less than two months, following the removal of fuel subsidy by the federal government.
