The Group Chief Executive Officer, Mele Kyari, stated that the rise from N540 to N617 per litre reflects the dynamics of a market-regulated pricing model.
Kyari also debunked notions that the price increase is due to a shortfall in petrol supply, citing a robust supply of over 32 days in the country.
The CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, attributed the price hike to global crude oil price increases, as well as changes in freight costs and other miscellaneous expenses encountered during distribution.
Independent oil marketers have noted that the price changes by NPCL typically indicate a rise in the pump price of petrol, given that NPCL remains the primary petrol importer in Nigeria.
