Recalled President Muhammadu Buhari on Wednesday approved the reduction in the pump price of premium motor spirit (PMS) from N145 per litre to about N125.
The new price regime is expected to reflect on the other two petroleum products – the automotive gas oil (AGO), also known as diesel and the dual purpose kerosene (DPK), simply called kerosene.
Responding to a question on why the new price was not being enforced by the regulatory agencies, Kyari said it was because they still had old stock which they bought at well over the new price.
He said NNPC filling stations have complied because even at the new price regime, they can’t recover its cost.
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According to him, “as you are aware, this announcement was made just yesterday. Our pricing at NNPC stations which will definitely recover our cost at N125 is the decision that the NNPC has been made and we have adjusted our prices in our filling stations.
“What we also know is that private marketers have bought products above this price from the market. And we know this is a transition; the market will balance itself and as soon as they are able to get rid of their existing stock, the forces of competition will bring everybody to the right price and I believe that it is possible to get cheaper products in few weeks to come, cheaper than what you see today.
“Be assured everybody will rush to sell even at the N125 nobody will agree to buy because probably you will find cheaper products. And we are very sure this will happen.”
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