The group managing director of the Nigerian National Petroleum Company Limited, Mele Kyari, attributes the rise in distributor prices in Nigeria to market forces.
This follows a recent price increase from N540 to N617 per litre, which he said reflects the dynamics of a market-regulated pricing model.
Speaking to reporters after a closed meeting with Vice President Kashim Shettima at the State House in Abuja, Kyari said:
“These are just prices that depend on the reality of the market. This means making sure the market is self-regulating. Prices will go up and sometimes down.
However, he refuted the hypothesis that the price increase was due to a shortage of gasoline. “No, there are no delivery problems. It’s not a supply problem.
“When you go to the market, you buy the product, come to the market and sell it at the prevailing market price. It has nothing to do with the offer. We have no delivery problems. “We have a solid offer. We had more than 32 days of stock in the country. It’s not a problem,” he explained.