The House of Representatives yesterday rejected a motion seeking to stop marketers from selling petrol at the new pump prices announced on Tuesday by the Nigerian National Petroleum Company Limited (NNPCL). The Nation reported
But, the House resolved to investigate the hike by summoning NNPCL Group Managing Director Mele Kyari and the management of oil marketing firms.
It also asked its ad hoc committee to propose palliatives to ameliorate the sufferings of Nigerians.
The sponsor of the motion, Ikenga Ugochinyere, had asked that Kyari and oil marketers be invited by the committee to explain what led to the increase.
Read the full list on THE NATION NEWS
Meanwhile, Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), has stated that the recent increase in petrol pump price from N540 to N617 per litre is a result of market forces.
Kyari made this statement after a meeting with Vice President Kashim Shettima at the Presidential Villa in Abuja, where he spoke with State House reporters.
According to him, the price increase is not due to a shortage of petrol supply. He emphasized that the fluctuation in prices is a natural outcome of market dynamics.
He 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. There is no supply issue. It is not a supply issue.”