The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said that the rise in petrol pump prices in Nigeria is due to market forces.
This follows a price increase from N540 to N617 per litre, which he said reflects the dynamics of a market-regulated pricing model.
His comments came after several NNPCL- operated stations increased the petrol pump price from N537 per litre to N617 per litre in Abuja.
He was Addressing journalists after a closed-door meeting with Vice President Kashim Shettima at the State House, Abuja on Tuesday.
For his part, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, attributed the price hike to the global crude oil price increase.
Earlier on Tuesday, the Independent oil marketers confirmed the increase in the cost of the petrol as they stated that any price shift by NNPCL stations indicated a rise in the pump price of Petrol.