Market forces responsible for fuel price hike – NNPC

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari, on Tuesday gave the reasons for the latest hike in the price of Premium Motor Spirit (PMS) also known as petrol.

The pump price petrol increased from N537/litre to N617/litre earlier on Tuesday with the new price boldly displayed in filling stations, including the ones operated by the Nigerian National Petroleum Company Limited (NNPCL) across the country.

The product price increased from N187 to N500 per litre following announcement on the removal of fuel subsidy by President Bola Tinubu in his May 29 inaugural address.

Kyari, who addressed State House correspondents after a meeting with Vice President Kashim Shettima in Abuja, said market forces were responsible for the frequent increase in the price of the product.

He stressed that market realities would dictate the price of petrol said with the deregulation of the oil sector.

The NNPC chief insisted that Nigeria has a “robust supply” of petrol that would last more than 30 days.

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