Dr Mele Kyari, the chief Executive officer of Nigerian National Petroleum Company Limited has assured Nigerians that the current high price for petrol has the capacity of coming down soon.
Reacting to the situation of things regarding fuel, Mele said the new petrol pump price is a reflective of the current market cost of the commodity. In an interview with Arise TV on Thursday.
Although the President’s media team had explained that the implementation of the policy would start this month, the effects are already being felt jerking the price of the product to high rates.
According to Kyari The beauty of this is that there’ll be new entrants because oil marketing companies know the result of their reluctance to come into the market all along is the very fact that there’s a subsidy regime that is in place, and that subsidy regime doesn’t have the guarantee of repayment back to those who provide the product at subsidised prices.
He stated that “The prices we are seeing today at our station are the current market price of the commodity. So, what this means is that prices in the market can go down at any time and of course, the market will adjust itself.”
