In an interview with Arise News, Mele Kyari, the head of the Nigerian National Petroleum Company Limited (NNPC), announced that Nigerians can expect a reduction in the price of fuel within the next two to three weeks.
Kyari clarified that the current prices at NNPC stations reflect the prevailing market rates. He emphasized that fuel prices have the potential to decrease at any time, allowing the market to self-adjust.
One significant advantage of this development is the anticipated entry of new players into the market. Previously, oil marketing companies were hesitant to participate due to the subsidy system, which lacked guarantees for repayment to those supplying the product at subsidized prices. However, with the market now self-regulating, these companies can freely import products or purchase locally-produced fuel and sell it at market-driven prices.
In a statement released by the Nigerian National Petrol Company Limited, signed by its Chief Corporate Communications Officer, Garba Deen Muhammad, it was confirmed that pump prices of Premium Motor Spirit (popularly known as petrol) have been adjusted nationwide.
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