The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said that the recent increase in petrol pump price is as a result of the dynamics of a market-regulated pricing model.

The pump price of petrol went up from N505 to N617 today July 18.

Addressing journalists after a closed-door meeting with Vice President Kashim Shettima at the State House, Abuja, Kyari said;

“They are just prices depending on the market realities. This is the meaning of making sure that the market regulates itself. Prices will go up and sometimes they will come down also.”

Kyari dismissed claims that the increase in the pump price is due to a short supply of petroleum product in the country.

“No, there is no supply issue. It is not a supply issue. 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,” he explained.