{"id":106189,"date":"2023-07-18T18:54:10","date_gmt":"2023-07-18T17:54:10","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=106189"},"modified":"2023-07-18T18:54:10","modified_gmt":"2023-07-18T17:54:10","slug":"increase-in-fuel-pump-price-a-result-of-market-forces-kyari","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/increase-in-fuel-pump-price-a-result-of-market-forces-kyari\/","title":{"rendered":"Increase in Fuel pump price a result of market forces – Kyari"},"content":{"rendered":"
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said that the increase in petrol pump price from N540 to N617 and N620 per litre was caused by market forces.<\/div>\n
\n
\nFuel now sells for N620 per litre in Abuja.<\/p>\n

Kyari made the comment while speaking with State House Correspondents on Tuesday shortly after a meeting with the Vice President, Kashim Shettima, at the Presidential Villa Abuja, on Tuesday.<\/p>\n

Kyari\u2019s was reacting to the shocking increase in pump price of Premium Motor Spirit, from N537\/litre to N617\/litre as reflected by NNPCL maga stations in Abuja.\u2063<\/p>\n

He explained that the increase was not due to shortage in the supply of the critical product.<\/p>\n

According to him, the current price reflected the market realities as the price of the product could either increase or decrease.<\/p>\n

\u201cThey 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.<\/p>\n

\u201cNo, there is no supply issue. It is not a supply issue.\u2063<\/p>\n

\u201cWhen you go to the market, you buy the product, you come to the market and sell it at its prevailing market price. It has nothing to do with supply. We don\u2019t have supply issues. \u2063<\/p>\n

\u201cWe have a robust supply. We\u2019ve had over 32 days of supply in the country. That\u2019s not a problem.\u2063\u201d<\/p>\n

Also, Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, said that the recent abominable price increase was a product of rising crude prices.<\/p>\n

Nigerians are shocked that they are made to pay more for refined petroleum products even when the country is the sixth highest producer of crude oil in the world.<\/p><\/div>\n

\nAhmed stated also that other costs in the process of importing the product contributed to the price increase.<\/p>\n

He said, \u201cSo when you say market forces are working, basically what it is, is that you\u2026you can see the price of crude going up. \u2063<\/p>\n

\u201cA week or so ago, the price of crude was hovering around $70 per barrel. Now, it\u2019s over $80 per barrel. So, of course, the crude prices also drive the product price.\u2063<\/p>\n

\u201cAs the importers are importing, they basing it on the cost of importation plus the freight plus other costs elements in terms of local distribution.\u201d<\/p>\n

Early on Tuesday, fuel queues resurfaced in parts of the Federal Capital Territory with the reports that the fuel pump price has been reviewed from N537 to N617 per litre.<\/p><\/div>\n

\nOur correspondent observed that while stations operated by the NNPCL sell the product at N617 per liter, marketers have adjusted their meters to N620 in Abuja.<\/p>\n

Motorists who are jolted by the pump price increase besieged the filling stations in large numbers to buy the products which caused the sudden reappearance of long queues in the stations.<\/p>\n

Independent oil marketers who confirmed the increase in the fuel pump price said that it was a result of the increase in the price of the product by stations operated by the NNPCL.<\/p>\n

The National Operations Controller of the Independent Marketers Association of Nigeria (IPMAN), Mike Osatuyi, said that there were projections there could be an upward review of the pump price from the third week of July 2023, when new fuel imports come into the country.<\/p>\n

According to him, the increase of the pump price is caused among others\u00a0\u00a0by the recent increase in crude oil prices in the international market, the increase in the Dollar to Naira exchange and the transportation costs that require marketers to transport fuel to distant cities in the North.<\/p>\n

On May 29, President Tinubu announced the removal of the fuel subsidy which moved the price upward from N198 to N537 and N540.<\/p>\n

<\/div>\n
<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said that the increase in petrol pump price from N540 to N617 and N620 per…<\/p>\n","protected":false},"author":1,"featured_media":99954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-106189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nIncrease in Fuel pump price a result of market forces - Kyari - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/increase-in-fuel-pump-price-a-result-of-market-forces-kyari\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Increase in Fuel pump price a result of market forces - 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