NNPCL, NMDPRA say petrol prices skyrocket to N617 per litre, above due to market forces, rising crude oil prices
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The GCEO NNPCL said, “There is no supply issue. The hike is not a supply issue. When 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’t have supply issues.
“We have a robust supply. We’ve had over 32 days of supply in the country. That’s not a problem,” he explained.
Farouk Ahmed, Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority(NMDPRA) attributed the price hike to global crude oil prices increase.
He said, “We are basically seeing the effect of market forces. You can see that crude oil prices have been on the rise. Just a week ago, crude oil prices hovered around $70 per barrel, but now it’s surpassed $80 per barrel. So naturally, these prices also influence the cost of the product.”
