The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, says market forces are responsible for the rising pump price of Premium Motor Spirit (PMS) known as petrol.
Kyari spoke on Tuesday afternoon after a meeting with Vice President Kashim Shettima at the Aso Rock.
He said with deregulation of the oil sector, market realities will force the price of petrol up sometimes and at other times force it down.
The NNPCL boss said the increase in the pump price per litre of petrol from N540 to N617 is not a supply issue, assuring Nigerians that the country has “robust supply” of the vital commodity.
Kyari said Nigeria has over 32 days of supply and not short of petrol.
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