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Wednesday, July 19, 2023


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Group CEO Mele Kyari


WHY FUEL PRICES INCREASED TO N617 PER LITRE – NNPCL


"WHEN YOU GO TO THE MARKET, YOU BUY THE PRODUCT; YOU COME TO THE MARKET, YOU
SELL IT AT THE PREVAILING MARKET PRICES. NOTHING TO DO WITH SUPPLY. WE DON’T
HAVE SUPPLY ISSUES...," AN OFFICIAL SAID.

byMary Izuaka
July 18, 2023
Reading Time: 3 mins read
6


The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday attributed
the rise in the petroleum pump prices in the country to ‘market forces’.

The NNPCL Group Chief Executive Officer, Mele Kyari, disclosed this while
speaking to journalists after a closed-door meeting with Vice President Kashim
Shettima at the State House in Abuja.

Mr Kyari said with the deregulation of the oil sector, market realities will
force the price of petrol up sometimes and at other times force it down.

“We have the marketing wing of our company. They adjust prices depending on the
market realities.

“This is really what is happening; this is the meaning of making sure that the
market regulates itself so that prices will go up and sometimes they will come
down also. This is what we have seen, and in reality, this is what (how) the
market works,” he said.

--------------------------------------------------------------------------------

He explained that there is no supply issue as there are enough petroleum
products for onward distribution across the country.

“When you go to the market, you buy the product; you come to the market, you
sell it at the prevailing market prices. Nothing to do with supply. We don’t
have supply issues. There is a robust supply. We have over 32 days of supply in
the country,” he said.

“Yes, what I know is that the market forces will regulate the market.



“Prices will go down sometimes; sometimes, it will go up. But there will be
stability of supply, and I’m also assuring Nigerians that this is the best way
to go forward so that we can adjust prices when market forces come to play.

“I don’t have the details at this moment, but I know that our marketing wing
acts just like every other company in this business. I know that a number of
companies have imported petroleum products today. So, many of them are on line.



“I’m sure my colleague would confirm this. Market forces have started to play;
people have started having confidence in the market. Private sector people are
importing products, but there is no way they can recover their cost if they
cannot take market reflective cost.”


CRUDE OIL EFFECT

Also speaking, the Chief Executive Officer of the Nigerian Midstream and
Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, attributed the
rise in price to the global crude oil price increase.

Powered by pixfutureⓘ


“As a regulator, I told you back in May that we are not going to be setting
prices. The market will determine itself, and as you saw back in early June when
prices came out, it was based on the cost of importation plus other logistics of
distribution and, of course, the profit margin by the importer,” Mr Ahmed said.

“This market is deregulated; it is open to all participants. As I mentioned
yesterday, when I was in Lagos, we have about 56 marketing companies that
applied and obtained licenses to import.

“Out of those, 10 of them have indicated to supply within the third quarter,
which is July, August, September. Already, we received some cargoes from these
markers: Prudent Energy, AYM Shafa and Emadeb. Emadeb Cargo is arriving
tomorrow.”






He noted that the development ensures that the market is liberated and everyone
is free to import as long as they work within the framework, especially in terms
of quality.

“But to pricing, as a regulator, we are not going to put a cap on the price
because we are not part of those importing. We are not a marketing company; we
are just a regulator.

Powered by pixfutureⓘ








“So, when you say market forces are working, basically, what it is that you buy,
you consider the price of crude going up. A couple of weeks ago, the price of
crude was hovering around $70/barrel. Now it’s hovering around $80/barrel.

“So, the crude price also drives the product price. You know, because the
importers are importing, they are basing it on the cost of importation plus the
freight and other cost elements in terms of local distribution,” he said.


BACKGROUND

Earlier on Tuesday, petroleum pump prices rose to N617 per litre at various
outlets of the NNPCL in Abuja and other parts of the country.

The development comes months after the oil company approved an upward review in
the pump price of petroleum nationwide.

--------------------------------------------------------------------------------


READ ALSO: FUEL PRICE HITS N617 AT NNPC OUTLETS

--------------------------------------------------------------------------------

President Bola Tinubu announced the removal of fuel subsidies in his inaugural
address on 29 May.

Following the announcement, the Nigerian National Petroleum Company Limited
(NNPCL) directed its outlets nationwide to sell fuel between N480 and N570 per
litre, an over 200 per cent increase from the initial price below N200.

The hike immediately triggered an increase in transportation fares and prices of
goods and services.





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