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.
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.
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.
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