NNPC Says Petrol Price Will Come Down

The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Mele Kyari has said Nigerians will likely see a downward adjustment in the price of fuel within two to three weeks.

Kyari stated this in an interview with Arise News on Thursday.

He said the prices Nigerians are seeing today at petrol stations are the current price of the community.

The NNPC boss said, “The prices that we are seeing today at our station are the current market price of the commodity.

“What this means is that prices in the market can go down at any time and of course, the market will adjust itself.

“The beauty of this is that there will be new entrants because oil marketing companies now are reluctant to come into the market all along because of the subsidy regime that has been in place and that subsidy regime doesn’t have guarantee of repayment back to those who provide the product at subsidised prices.

“Now that the market regulates itself, oil marketing companies can actually import products, and if it is produced locally, they can buy and take into the market and sell it at its commercial price.”

Recall that the NNPC on Wednesday, in a statement issued by its Chief Corporate Communications Officer, Garba Deen Muhammad, said that it has adjusted pump prices of Premium Motor Spirit better known as petrol across the country.

In other news, Kanyi Daily reported that President Bola Tinubu met with Senate President, Ahmed Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila at the Aso Rock Presidential Villa, Abuja on Thursday.