The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NNPCL Mele Kyari, has attributed the rise in petrol pump prices in Nigeria to market forces.
This follows a recent price increase from N540 to N617 per litre, which he said reflects the dynamics of a market-regulated pricing model.
Addressing journalists after a closed-door meeting with Vice President Kashim Shettima at the State House, Abuja, Kyari said the prices depend on the market realities.
However, he debunked notions that the price increase is due to a shortfall in petrol supply as the country still has over 32 days of supply.
On his part, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, attributed the price hike to global crude oil prices increase.
He also mentioned that changes in freight costs and other miscellaneous expenses that importers encounter during distribution contribute to price changes.
