The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has revealed why there is another increase in the price of fuel across the country noting that it is the market forces in action.
According to Daily Trust Newspaper, many Nigerians were shocked as the Nigerian National Petroleum Company announces an increase in the price of fuel.
Recall that President Bola Ahmed Tinubu had on the 29th of May, 2023 announced the removal of fuel subsidy. A Development that generated a lot of mixed reactions from many Nigerians across the country.
Mele Kyari, who spoke with State House reporters on Tuesday after a meeting with Vice President Kashim Shettima at the Presidential Villa Abuja 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. There is no supply issue. It is not a supply issue.”
He added; “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,”
He stated further; “I’m also assuring Nigerians that this is the best way to go forward so that we can adjust prices when market forces come to play. I don’t have the details this moment, but I know that our marketing wing acts just like every other in this business”
News Source – Daily Trust Newspaper
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