Nigeria National Petroleum Company Limited (NNPCL) on Tuesday attributed the rise in the petroleum pump prices in the country to ‘market forces’.
The NNPCL Group Chief Executive Officer, Mele Kyari, stated this while speaking to newsmen after a closed-door meeting with Vice President Kashim Shettima at the State House in Abuja.
Mr Kyari said with the deregulation of the oil sector, market realities will force the price of petrol up sometimes and at other times force it down.
“Prices will go down sometimes; sometimes, it will go up. But there will be stability of supply, and 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.
He explained that there is no supply issue as there are enough petroleum products for onward distribution across the country.
Earlier on Tuesday, petroleum pump prices rose to N617 per litre at various outlets of the NNPCL in Abuja and other parts of the country.
The development comes months after the oil company approved an upward review in the pump price of petroleum nationwide.
RN
