“When you go to the market, you buy the product; you come to the market, you sell it at the prevailing market prices. Nothing to do with supply. We don’t have supply issues…,” an official said.
The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday attributed the rise in the petroleum pump prices in the country to ‘market forces’.
The NNPCL Group Chief Executive Officer, Mele Kyari, disclosed this while speaking to journalists after a closed-door meeting with Vice President Kashim Shettima at the State House in Abuja.
Mr Kyari said with the deregulation of the oil sector, market realities will force the price of petrol up sometimes and at other times force it down.
“We have the marketing wing of our company. They adjust prices depending on the market realities.
“This is really what is happening; this is the meaning of making sure that the market regulates itself so that prices will go up and sometimes they will come down also. This is what we have seen, and in reality, this is what (how) the market works,” he said.
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