ONE WORD

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has attributed the rise in petrol pump prices in Nigeria to market forces. This follows a recent price increase from N540 to N617 per litre, which he said reflects the dynamics of a market-regulated pricing model. 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.” However, he debunked notions that the price increase is due to a shortfall in petrol supply. “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

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol, known as Premium Motor Spirit (PMS), from N537 to N617 per litre. @goldmynetv  reports that the increase, which took effect on Tuesday, is the second in less than two months. In May, a day after President Bola Tinubu was sworn into office, the NNPC increased the fuel price from N195 per litre to N537 per litre. These increases follow the Tinubu-led federal government’s removal of fuel subsidy. This newspaper learnt that the increase has been observed at NNPC filling stations in Abuja, with other stations to join in soon. In the first half of 2023, Nigeria spent N3.6 trillion on fuel subsidy alone. According to the Federal Government, the country will save close to N6.7 trillion if fuel subsidies payment is discontinued. Nigeria has spent N13.7 trillion on fuel subsidy in the last 13 years, 

President Bola Tinubu, on Tuesday, said his administration will review its earlier plan to distribute monthly cash grants of N8,000 to 12 million households for six months as part of efforts to assuage the hardship occasioned by fuel subsidy removal. This followed public criticism of the policy with organised labour saying it falls far from the level of intervention required to ease the pains of vulnerable Nigerians. “The President has directed that…the N8,000 conditional cash transfer programmed envisaged to bring succour to most vulnerable households be reviewed immediately,” a statement signed by the Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake, read late Tuesday. Alake said the new directive is “deference to the views expressed by Nigerians against it.” Tinubu directed that the whole gamut of the palliative package of government be unveiled to Nigerians. He also ordered the immediate release of fertilisers and grains to approximately 5