Thursday, February 22, 2024
advertise your product or service on freshreporters

HomePoliticsWhy There Is An Increase In Fuel Price - NNPC CEO Explains

Why There Is An Increase In Fuel Price – NNPC CEO Explains

The CEO of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, reacted to the recent surge in petrol pump prices during a press conference held at the State House on Tuesday.

Kyari attributed the rise in prices from N540 to N617 per litre to the impact of market dynamics and the volatility in global oil prices.

ALSO READ:  Subsidy: Tinubu promises critical infrastructure across the country, says Nigeria no longer father Christmas to neighbouring countries

He said the increase was due to the prevailing market forces and global oil price fluctuations.

During the meeting with Vice President Kashim Shettima at the Aso Villa, Kyari emphasized that the NNPC had no control over the market forces that influenced the pump price.

join freshreporters telegram channel
ALSO READ:  Senators Present National Awards To Asiwaju Tinubu

He clarified that the prices were determined by factors such as international crude oil prices, foreign exchange rates, and other global market variables.

The NNPC CEO’s explanation comes as Nigerians continue to grapple with the implications of the recent petrol price hike. While the government aims to strike a balance between market dynamics and the welfare of its citizens, finding long-term solutions to stabilize fuel prices remains a priority for the nation.

ALSO READ:  Fuel Subsidy: Petrol Price Increase By Over 300% As NNPC Release Pump Price Per State (Photos)

For publication of your news content, articles, videos or any other news worthy materials, please send a mail to

Join Other Great Readers, FOLLOW us On WHATSAPP>>

Join Other Great Readers On TELEGRAM>>

For Advert and other info, Click this link to send a Message to the Admin

Join thousands of readers to receive daily Latest News: