Petrol prices have risen dramatically in Ilorin, the capital city of Kwara state, with major and independent marketers now charging between N545 and N700 per litre.
According to Punch, it visited a selection of petrol stations in the area to observe the price change.
At NIPCO, petrol was being sold for N545 per litre, while Shafa Energy priced it at N595. At Rainoil, customers were being charged N568 per litre, Emmanuel’s rate was N560, and Neeman had the highest price at N700 per litre.
In a related development, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari on Tuesday attributed the recent rise in petrol pump price from N540 to N617 per litre to market forces.
Kyari offered this explanation on Tuesday following a meeting with Vice President Kashim Shettima at the Aso Villa.
Speaking on the increase he said, “When you go to the market, you buy the product, you come to the market and sell it at its prevailing market price. It has nothing to do with supply. We don’t have supply issues. We have a robust supply. We’ve had over 32 days of supply in the country. That’s not a problem.
When you go to the market, you buy the product, you come to the market and sell it at its prevailing market price. It has nothing to do with supply. We don’t have supply issues. We have a robust supply. We’ve had over 32 days of supply in the country. That’s not a problem.
“I’m also assuring Nigerians that this is the best way to go forward so that we can adjust prices when market forces come into 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 online. 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.”
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