Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), addressed concerns over the increasing prices of petrol, also known as Premium Motor Spirit (PMS), across the country.

Kyari stated that competition among major players in the oil sector would lead to a decrease in petrol prices, countering the upward trends that have caused panic among citizens.

Following the discontinuation of petroleum subsidy, fuel queues reappeared at stations nationwide due to the recent hike in pump prices.

Although the NNPC adjusted the petrol price to reflect market realities, the specific new prices were not disclosed.

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Retail outlets in Lagos, Abuja, Ogun, and other states were reportedly selling petrol at prices ranging from 600 to N800.

Negotiations between the Federal Government and organized labor regarding the removal of fuel subsidy ended without consensus, as the hike in pump prices by oil marketers resulted in prices exceeding N700 per liter, up from N195.

Kyari, speaking in an interview, emphasized that removing the subsidy would encourage new players to enter the market, fostering competition and eliminating monopolies.

This, he argued, would lead to a downward review of petrol prices nationwide.

He stated that the market would regulate itself, with new entrants and oil marketing companies importing and selling at retail prices, driving efficiency and ultimately reducing prices.