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Market Forces, Not Short Supply Responsible For Rising Petrol Prices — NNPCL CEO, Mele Kyari

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Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, says market forces are responsible for the rising pump prices of Premium Motor Spirit (PMS) known as petrol.

Kyari made this known on Tuesday afternoon after a meeting with Vice President Kashim Shettima at Aso Rock, Abuja.

He said with deregulation of the oil sector, market realities will force the prices of petrol up sometimes and at other times force the prices down.

The NNPCL boss said the increase in the price per litre of petrol from over N500 to N617 is not a supply issue, assuring Nigerians that the country has “robust supply” of the vital commodity.

Kyari said Nigeria has over 32 days of supply and not short of petrol.

He said the marketing team of the NNPCL is responsible for price adjustment and that the team “adjust prices depending on market realities”.

He said, “This is really what is happening; this is making sure that the market regulates itself so that the prices will go up and sometimes, it will come down also.”

PMS is selling for ₦617 in Abuja, and ₦575 in Lagos.

However, Kyari has assured Nigerians that the country is not in short supply of the essential commodity, adding that the rising price of petrol has nothing to do with supply difficulties.

“There is no supply issue; when you go to the market, you buy the product. You come to the market and sell it at the prevailing market prices, nothing to do with supply issues.

“We have robust supply; we have over 32 days of supply within the country,” he said.

On his message to Nigerians lamenting the skyrocketing prices of petrol, the NNPCL boss said allowing market realities to determine the prices of petrol is the way to go.

“What I know is that the market forces will regulate the market; prices will go down sometimes, sometimes it will go up, but there will be stability of supply. I am also assuring Nigerians that this is the best way to go forward so that we can adjust prices,” he said.

Also, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, who addressed reporters after Kyari, corroborated the NNPCL boss’ position on market forces.

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BREAKING: EFCC Arrests Famous Nigerian Musician Terry Apala For Naira Mutilation

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Justice Akintayo Aluko of the Federal High Court sitting in Ikoyi, Lagos, on Friday, April 25, 2025, remanded a musician, Terry Alexander Ejeh, otherwise known as Terry Apala, in a Correctional Centre for alleged “mutilation of the Naira notes.”

He was arraigned by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Friday, April 25, 2025, on a one-count charge of “mutilating the Naira notes.”

The charge reads: “That you, TERRY ALEXANDER EJEH, on the 5th day of January, 2025, at La Madison Place, Oniru, within the jurisdiction of this Honourable Court, whilst dancing during a social event, tampered with Naira notes issued by the Central Bank of Nigeria by marching on the same and you thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank of Nigeria Act, 2007.”

He pleaded not guilty to the offence when it was read to him. In view of his plea, the prosecution counsel, S.I. Suleiman, prayed for a trial date and also urged the court to remand him in a Correctional Centre.

The defence counsel, Felix Nwabuda, informed the court of a bail application dated April 23, 2025 and prayed the court for a short date for the hearing of the application.

“Whilst praying the court for a short date for the hearing of the bail application, I will be craving the indulgence of the court to release the defendant to the defence. “We undertake to produce him in court. He will not evade hearing. He came in from the United Kingdom on April 23, 2025; and on the invitation of the EFCC, he came on his own.”

The prosecution counsel, however, opposed the application, saying, “ the application is alien and unheard of.”

“I urge the court to afford us the opportunity to look at the application and respond properly so that the court can make a well -informed ruling,” he said.

In a short ruling, Justice Aluko refused the application of the defence. Justice Aluko adjourned till May 5, 2025 and ordered the remand of the defendant in the Ikoyi Correctional Centre pending the determination of the bail application.

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Akpabio To Lead Nigerian Delegation To Pope Francis’ Burial

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President Bola Tinubu has dispatched a delegation to Vatican City for the funeral of Pope Francis, who passed away on Monday at the age of 88.

A statement released on Friday by Bayo Onanuga, special adviser to the president on information and strategy, announced that Godswill Akpabio, the senate president, is leading the five-member delegation to the funeral.

The other members of the delegation include Bianca Odumegwu Ojukwu, “minister of state for foreign affairs”; Lucius Iwejuru Ugorji, “president of the Catholic Bishops Conference of Nigeria”; Matthew Hassan Kukah, “archbishop of the Sokoto diocese”; and Ignatius Ayua Kaigama, “archbishop of the Abuja diocese.”

“The funeral service of the revered head of the Roman Catholic Church is scheduled to take place on Saturday at the Vatican.”

“The Nigerian delegation will formally deliver a letter to the acting head of the Vatican conveying Tinubu’s condolences.”

On Monday, Tinubu joined the global Christian community in mourning the late pope.

“Pope Francis was a humble servant of God, a tireless champion of the poor, and a guiding light for millions,” Tinubu said.

The president described the pope’s death, which occurred just after Easter Sunday, as “a sacred return to his Maker at a time of renewed hope for Christians”.

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Rivers Situation Complex, I Need More Time To Prepare For Briefing — Ibas To Reps Panel

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Ibok-Ete Ibas, the sole administrator of Rivers, has asked the house of representatives ad hoc committee overseeing the emergency rule in the state for more time.

Ibas made this request on Friday when he appeared before the committee.

On April 15, Tajudeen Abbas, the speaker of the house, inaugurated the 21-member committee to ensure transparent governance and the rule of law in the state.

A day after the committee was formed, the lawmakers invited the Rivers sole administrator to appear before them on April 17.

Ibas was scheduled to address the lawmakers on governance in the state.

However, the sole administrator requested a rescheduling, and the meeting was moved to April 24.

The committee members met in the meeting room on Thursday, but Ibas did not attend.

Julius Ihonvbere, the chairman of the committee and leader of the house, declined to comment on the situation, simply stating, “No comment,” to journalists.

Addressing the committee on Friday, Ibas apologised to the lawmakers for not attending previous invitations.

He requested additional time to prepare a “comprehensive and constructive” briefing, citing the complexity of the situation in Rivers state.

“Today is exactly 10 days after the first invitation, and in between, we’ve had four days off the calendar as public holidays plus the weekends inclusive,” he said.

“The absence, of course, was not out of disregard but rather due to the weighty and urgent demands of stabilising governance in a state under a declared emergency.”

“I have always held the national assembly in the highest regard. I recognise the importance of your oversight responsibilities and your interest in the progress being made in Rivers state, which is presently relatively calm, but still fragile.”

“That said, I only request your understanding and the indulgence of this committee to grant me additional time to adequately prepare and present a comprehensive and constructive briefing.”

“Given the complexities and sensitivities surrounding the current transitional period in Rivers state, it is important that any engagement with this committee is done with the depth, accuracy and clarity it rightfully deserves.”

Ibas stated that he will cooperate with the committee to ensure that all relevant information is available in due course.

In a statement issued after the meeting, Ihonvbere said the committee has accepted Ibas’ apology and would reschedule the briefing.

“The Committee notes that the Administrator, in a correspondence received last night, expressed his regrets for not honouring earlier invitations and appeared in person today to offer a formal apology,” the statement reads.

“He also requested an opportunity to return for a more robust and comprehensive engagement with the Committee.”

“In keeping with the House’s tradition of fairness, and in recognition of the Administrator’s demonstration of respect and responsibility, the Committee has magnanimously accepted his apology.”

“Accordingly, the Committee has resolved to proceed with the rescheduled engagement on a date and time to be announced in due course.”

Ihonvbere added that the committee needs the cooperation of all stakeholders and remains open to constructive engagement in line with the principles of accountability and the rule of law.

On March 18, President Bola Tinubu declared a state of emergency in Rivers, citing the prolonged political crisis.

He also suspended Siminalayi Fubara, governor of the state; his deputy, Ngozi Odu; and all members of the Rivers assembly for a period of six months.

The president appointed Ibas, a retired naval chief, as the state’s sole administrator.

After his appointment, Ibas suspended all political officeholders appointed by Fubara.

Several stakeholders, including the Pan Niger Delta Forum (PANDEF), have criticised Ibas over the handling of the state’s affairs.

There have been protests in the state demanding the reinstatement of Fubara.

Fubara reportedly met with Tinubu in London last week as part of moves to resolve the political crisis in the state.

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