{"id":280053,"date":"2023-07-18T17:49:02","date_gmt":"2023-07-18T16:49:02","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=280053"},"modified":"2023-07-18T18:06:06","modified_gmt":"2023-07-18T17:06:06","slug":"fg-clears-air-on-new-fuel-price-gives-reason-for-increase","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/07\/18\/fg-clears-air-on-new-fuel-price-gives-reason-for-increase\/","title":{"rendered":"FG clears air on new fuel price, gives reason for increase"},"content":{"rendered":"<ul>\n<li><strong>NNPCL CEO, Malam Mele Kyari, attributed the hike to market realities<\/strong><\/li>\n<li><strong>Kyari explained that the increase in the price of pms has nothing to do with supply challenges<\/strong><\/li>\n<li><strong>He disclosed that market forces will regulate the market, noting that the policy is best for the country<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The Federal Government has shed more light on the latest increase in price of Petroleum Motor Spirit popularly known as petrol.<\/p>\n<p>Within Nigeria had reported earlier that the president Bola Tinubu-led federal government has <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/07\/18\/breaking-petrol-now-n617-per-litre-as-tinubu-govt-hikes-fuel-price\/\">increased the Pump Price<\/a> of Petroleum Motor Spirit.<\/p>\n<p>The increment followed the adjustment of fuel prices from N539 to N617 by filling stations in the Federal Capital Territory and other parts of the country<\/p>\n<p>Speaking on the development, Nigerian National Petroleum Company Ltd, said the increase in fuel price is informed by market forces and realities.<\/p>\n<p>The company\u2019s Group Chief Executive Officer, Malam Mele Kyari, stated this in an interview with newsmen shortly after a private meeting with the Vice President, Kashim Shettima, at the Presidential Villa, on Tuesday in Abuja.<\/p>\n<p>Kyari explained that the increase in the price of pms has nothing to do with supply issue, adding that there are enough supply of the product in the country.<\/p>\n<p>\u201dI don\u2019t have the details this moment. You know we have the Marketing Wing of the company, they adjust prices depending on the market realities.<\/p>\n<p>\u201dAnd this is the meaning of making sure that the market regulate itself so that prices will go up and sometimes they will come down also and this is really what we are seeing in reality this is how the market works.<\/p>\n<p>\u201dThere is no supply issue completely when you go to the market you buy the product you come to the market and sale it at prevailing market price there is nothing to do with supply we don\u2019t have supply issues.\u201d<\/p>\n<p>\u201dThere are robust supply, we have over 32 days supply in the country, that\u2019s not a problem. What I know is that the market forces will regulate the market, prices will go down sometimes and sometime it will go up but there will be stability of supply.<\/p>\n<p>He assured Nigerians that the policy was the best way for the country going forward.<\/p>\n<p>\u201dAnd I am also assuring Nigerians that this is the best way to go forward so that we can adjust prices when market comes.<\/p>\n<p>\u201dI know that a number of companies have imported petroleum pms so many of them are online. Market forces have started to play, people have confidence in the market and private sector people are now importing product.<\/p>\n<p>\u201dAnd there is no way they can recover their cost if they cannot take market reflective cost,\u201d Kyari said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NNPCL CEO, Malam Mele Kyari, attributed the hike to market realities Kyari explained that the increase in the price of pms has nothing to do with supply challenges He disclosed that market forces will regulate the market, noting that the policy is best for the country The Federal Government has shed more light on the [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":248500,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[2292,3344,46086,68316],"class_list":["post-280053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-fuel-price","tag-kyari","tag-nnpcl","tag-petrol-prices-increase"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FG 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