Mele Kyari, managing director of Nigerian National Petroleum Company Ltd. (NNPCL), says the skyrocketing price of petrol results from market realities.

Speaking to journalists on Tuesday, Mr Kyari also said there was an adequate supply of the product after the pump price soared to N617.

“There 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,” said Mr Kyari.

He added, “But there will be stability of supply, and I’m also assuring Nigerians that this is the best way to go forward.”

Mr Kyari’s statement comes as Nigerians lament the increase in the pump price, which has affected food and transportation costs, as the government is yet to provide palliatives for citizens.

Pump prices soared from N195 to N540 in May after President Bola Tinubu, in his inaugural speech, declared an end to fuel subsidy.

Mr Tinubu had offered $10 monthly for six months to 12 million households. However, the decision has been reversed as Nigerians berated the offer as too meagre.