NNPC blames market realities for increased fuel price
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.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
NRGI urges Nigeria to focus on mining sector, reduce investor risk
A report by the Natural Resource Governance Institute says Nigeria should focus on reducing investor risk in the mining sector.
NationWide
Northern alliance lauds Tinubu, armed forces’ efforts in killing bandits, rescuing hostages
Mr Abutu noted the rescue of 416 residents of Ngoshe community in the Gwoza Local Government Area of Borno State by troops of Operation Hadin Kai.
Heading 2
My husband, security forces working hard to tackle terrorism, kidnapping haunting Nigeria, First Lady tells Qatari envoy
Mr Al-Hail commended Nigeria and called for stronger bilateral cooperation between Qatar and Nigeria.
States
Man, 26, remanded for allegedly threatening to kill police officer in Lagos
Ms Ikhayere alleged that the defendant threatened to kill one ASP Emmanuel Enofe, attached to Area “G” Command, Ogba.
Rights
I need N500,000 to remarry, estranged husband tells divorce-seeking wife; rejects N80,000 dowry
“If we don’t settle during this period, I can only accept N500,000 from her because N80,000 would not be enough for me to remarry in this economy,” Mr Tijani said.
Agriculture
Nigerian rice farmers seek direct access to FG’s rice interventions
RIFAN has urged the federal government to channel agricultural interventions through farmers’ associations to ensure they reach genuine farmers and boost local rice production.
