This is how the market regulars itself. Sometimes the process go up and sometimes it comes down - Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has attributed the rise in petrol pump prices in Nigeria to market forces.

This follows a recent price increase from N540 to N617 per litre, which he said reflects the dynamics of a market-regulated pricing model.

Addressing journalists after a closed-door meeting with Vice President Kashim Shettima at the State House, Abuja, Kyari said, “They are just prices depending on the market realities. This is the meaning of making sure that the market regulates itself. Prices will go up and sometimes they will come down also.”

However, he debunked notions that the price increase is due to a shortfall in petrol supply.

“No, there is no supply issue. It 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.”

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Previous Thread:
https://www.nairaland.com/7768848/nnpcl-further-increases-fuel-pump#124491593

Oil Marketers Oil Marketers Why are you People so Selfish and Mean like this?? Meanwhile before you start shouting Tinubu, he has nothing to do with this but am very sure he will do something about this. No fear Tinubu is in Charge.







PATRON

Market forces?? yet u pple are still announcing unified pump price....

Acekidc4:
Oil Marketers Oil Marketers Why are you People so Selfish and Mean like this?? Meanwhile before you start shouting Tinubu, he has nothing to do with this but am very sure he will do something about this. No fear Tinubu is in Charge.

PATRON

Oil marketers are not charity organization. Go and become one of them and sell cheaper. And stop saying they are selfish.

Damnnn niggar
Grab my weed and bottle while i listen to ras kimono "under pressure "
Isa wicked situation we passing through right now in are we nation..the people dem ma suffer
Shege reloaded....Imagine no protest from Nigerians
lets start telling ourselves the truth and stop pretending if not this nation will be doomed in the nearest future
When a person from the three major tribe is the president..forget it you won't see a united protest from the masses...endsars protest the north didn't participate because their son was the president
Now with the hell we have been subjected to still no protest will happen because a son from a major tribe is the president( tinubu)...same thing will also occur if igbo man is the president

The only time we can see a united protest is when a person from minority tribe becomes the president...take for example subsidy removal of Jonathan in 2012...the whole nation united and there was protest despite the cheap and low cost of things...lets stop pretending...

It's easier for the big three to unite against a minority president than for the country to unite against a president from any of the big three. So unfortunate. That's the tragedy of Nigeria. We are doomed...please spread this news to every youth so we can unite..I'm not only a weed smoker, a pussy banger, a keyboard warrior And a drunkard but me I tell you I think critically

Emefiele part 2 in disguise

Which can yeye market price

No one should blame Kolo blame ignorant southern politicians
When the subsidy was removed the cheapest "Ex depot" price was and still Lagos.
Why, cos Lagos is the landing point of all the products
How did NNPC got to the point of selling PMS at 511 naira in Kano and other Northern states even when Petroleum Equalization Fund(PEF) being part of subsidy is scrapped?
It's very simple analogy, the south are actually paying and subsidizing for the North Abegi

Acekidc4:
Oil Marketers Oil Marketers Why are you People so Selfish and Mean like this?? Meanwhile before you start shouting Tinubu, he has nothing to do with this but am very sure he will do something about this. No fear Tinubu is in Charge.









PATRON

Ozuor

They know....

They just want to use propaganda to discredit the government...

Opposition always seem to know the answers until they get into power

PA Tee better watch his back b4 this lunatics RUIN his govt

Bunch of modafvcking morons.

It will never be well with all of you in that government and NNPC.

RECORD SHOWS THAT BUHARÌ THE BASTARD CORRUPT OLD FOOL budgeted trillions of naira for subsidy since 2016, BUT NO KOBO WAS PAID TO NNPC.
WHERE DID THE MONEY GO?
If Buharì doesn't die in prison, it can never be well with Tìnubu.

It's obvious tinubu is afraid to sack this man...

Why not do a total cleansing in the petroleum sector...baba they fear...na poor man body he they get power

Attendance: Present ✔️
Omo, Nothing wey we no go see for this govt.
Make una sha mercy for us biko... True true this one na top to bottom o.., chai! There is God.... Naija which way?

Acekidc4:
Oil Marketers Oil Marketers Why are you People so Selfish and Mean like this?? Meanwhile before you start shouting Tinubu, he has nothing to do with this but am very sure he will do something about this. No fear Tinubu is in Charge.


PATRON

Mele Kyari said market forces are responsible for fuel price hike, you are shouting oil marketers.

Meanwhile, Mele Kyari told nigerians in 2020 that fuel subsidy had stopped. Which fuel subsidy did Tinubu remove again this year?

This is just like Oby Ekwesili proposed in 2017.

I think Nigeria itself as a country is confused. Before now, we’ve always heard several theories of how subsidy will go, how NNPC monopoly need to go, how there should be full deregulation in the petroleum sector, how market force must decide petrol price, and how they should allow multiple marketers to import the product.

Almost all the above have been implemented by Tinubu. However, the pain that comes with it is unbearable for Nigerians.

This is now where it gets interesting. Almost everybody that was against subsidy removal during Jonathan government are now supporting subsidy removal and Vice versa.

Almost everyone that quoted economic theories about how subsidy is a scam and bla bla bla are now quoting economic theory to say subsidy shouldn’t have been removed, it should have been removed slowly, and etc.

Lastly, if I am Tinubu, I will never back down from this subsidy removal. That is very counterproductive. I would rather focus on more palliative deployment whether it is commodity, minimum wage, tax cut, increase agric yield and etc. I rather spent 3 trillion on these than continue with Subsidy.

Same market force responsible for subsidy removal and floating of naira.

Na that force go kill you dere

What you said some days ago was prices will come down u have given license to more people to import fuel

There will be competition and prices will come down

And dangote said he will start production by July ending or early august

Give me one good reason while that force no go kill you dere

You guys have nothing to offer, just like your INEC Selected President.


I believe the Agbadorians are still buying fuel at #195 per litre.

To "succeed" in APC government, your number one quality is the ability to confidently tell lies

chaii

All these English is to confuse everyone. Las las, they will blame PDP again.

I'm sorry for zombies. They bragged about mbuhari building 4 more refineries in 4 years but the dullard couldn't do anything for the 8 years he spent in aso rock even though he doubled as petroleum minister.

Let's all enjoy the renewed suffering

Whatever goes up in Naija always never comes down

They are just giving us an upfront notice to get used to this new normal

.

A leader appointed by God wears the burden of the people.

If you read tru the Bible, when David's warriors risked their lives Tru the camp of the enemies and brought water to him, even though you David was very thirsty, he saw the water as blood and poured it to d ground as a sacrifice unto God.

The only time he lost focus, he saw and engaged Bathsheba and God punished him brutally.

Tinubu is not from God. He represents a punishment to a very stubborn and disobedient nation.

A good leader passes Tru. . Sees. . Feels. . And bear the burdens of the people. That is what will guide his conscience to perform.

Many Nigerians are dyeing on the streets daily out of hunger. . Yet one single will milk their Commonwealth and be confident in it. . It is blood money. . He will pay. . His offspring will pay also. . The laws of life cannot be broken.

Mandela came from the prison. . Obasanjo was brought out from the prison to come and rule. . They heard the language of the common man.

Nigeria keeps getting punished with old men as core leaders that needs a good rest mentally and physically.