By Harry Awurumibe, State House, Abuja
Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said that the Corporation has adjusted its pump prices to reflect the new Federal Government directive to reduce the pump prices.
Speaking to the State House Correspondents today in Abuja on enforcement of N125 pump price of petrol Kyari said,” As you are aware this announcement was made just yesterday. Our pricing at NNPC stations which will definitely recover our cost at N125 is the decision that the NNPC has made and we have adjusted our prices in our filling stations.
“What we also know is that private marketers have bought products above this price from the market. And we know this is a transition, the market will balance itself and as soon as they are able to get rid of their existing stock, the forces of competition will bring everybody to the right price and I believe that it is possible to get cheaper products in few weeks to come, cheaper than what you see today.
“Be assured everybody will rush to sell even at the N125 probably nobody will agree to buy because probably you will find cheaper products. And we are very sure this will happen”.
