The Nigerian National Petrol Company [NNPC] confirmed the hike in the price of petrol. The price adjustment by the NNPC is coming about a few hours after President Bola Tinubu announced an end to the subsidy era during his inaugural speech at Eagle Square....CONTINUE READING
This sudden increase has caused long fuel queues in every part of the country as the huge demand for PMS has also taken a toll on transport fees. The first group CEO of the NNPC, Mele Kyari has alleged that they still have fuel that could last Nigerians for 30 days from now.
He however noted that the supply is the problem which has to be in a moderate manner. He explained the issue of hike in price as a result of conditions in the market. He stated expressly that it could go higher or lower depending on the location as well.
He said, ”As of today, I have 41.8 billion liters of Petroleum in my hands and it could last for 30 days. But the way we supply is the problem, we have to maintain a level of safety. And as for the increase, it’s a marketing document and every company does these things.
It’s expected to adjust prices on the basis of the changing condition in the market. This is natural, every company in this business does this. What we have put out there is an internal company document it was not intended to be an announcement because the prices can change the next day. It can go lower or higher based on the location.”
