The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said the price increase of fuel from N540 to N617 per litre, is a reflection of the pricing at the international market.
Addressing journalists after a closed-door meeting with Vice President Kashim Shettima at the State House, Abuja, Kyari 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.”
Fuel queues surfaced in Abuja following the new price introduction but Kyari insisted that there wasn’t a supply problem.
He said: “No, there is no supply issue. It is not a supply issue.
“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”.