The NNPC boss said competition among major players in the oil sector would force down the price of petrol as against the upward trends that have caused panic in the country.
This is after queues returned to fuel stations across the country following the recent increase in the petrol pump price occasioned by the discontinuance of petroleum subsidy.
The NNPC said it had adjusted the pump price of petrol to reflect the market realities.
Also, talks between the Federal Government and organised labour over the removal of fuel subsidy ended in a deadlock on Wednesday as they failed to reach a consensus following the hike in petrol pump prices to over N700 from N195 per litre by oil marketers.
Speaking during a television interview, Kyari said the removal of subsidy would allow new entrants into the market, a move he said, would aid competition and phased out monopoly.
This, he claimed, would ensure healthy competition which would ultimately lead to a downward review of pump prices of petroleum across the country.
