Monday, March 4, 2024

Petrol pump price will come down in 2 to 3 weeks – NNPC tells Nigerians

The Nigerian National Petroleum Company Limited on Thursday said Nigerians will likely see a downward adjustment in the price of fuel within two to three weeks.

The NNPC boss, Mele Kyari, made this known in an interview with Arise News.

He 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.”

The Nigerian National Petrol Company Limited on Wednesday in a statement signed by its Chief Corporate Communications Officer, Garba Deen Muhammad, that it has adjusted pump prices of Premium Motor Spirit better known as petrol across the country.

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