The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has blamed market forces for the increase in petrol pump price from N540 to N617 per litre.
Speaking with Correspondents on Tuesday after a meeting wit Vice President Kashim Shettima at the Presidential Villa Abuja, The NNPCL Chief explained that the increase is not based on a short supply of petrol.
Mr Kyari’s response comes hours after some stations operated by the NNPCL increased the pump price of Premium Motor Spirit, popularly called petrol, from N537/litre to N617/litre in Abuja.
On his part, the Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, said the price increase stems from rising crude prices.
He also cited changes in freight prices alongside other ancillary costs importers incur during distribution.
