FG clears air on new fuel price, gives reason for increase
FG clears air on new fuel price, gives reason for increase have the details this moment. You know we have the Marketing Wing of the company, they adjust prices depending on the market realities.
”And 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.
”There 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’t have supply issues.”
”There are robust supply, we have over 32 days supply in the country, that’s 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.
He assured Nigerians that the policy was the best way for the country going forward.
”And I am also assuring Nigerians that this is the best way to go forward so that we can adjust prices when market comes.
”I 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.
”And there is no way they can recover their cost if they cannot take market reflective cost,” Kyari said.