The federal government of Nigeria, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has issued a stern warning to filling stations selling Premium Motor Spirit (PMS) at exorbitant prices of up to N1,000 per litre.
The NMDPRA claims that some independent marketers have raised petrol prices between N900 and N1,000 per litre, exploiting Nigerians.
This price surge contrasts sharply with the prices at Nigerian National Petroleum Company Limited (NNPCL) outlets, where petrol is sold for between N568 and N617 per litre. The disparity has led to long queues at NNPCL stations, as many Nigerians seek the lower prices.
Independent oil marketers argue that they are forced to sell at higher prices because they are purchasing petrol from private depot owners at rates as high as N850 per litre. However, NMDPRA spokesperson George Ene-Ita refuted these claims, stating that the prices reported by the agency’s officials at the depots are significantly lower.
“If we find these outlets, our course of action is to shut them down,” Ene-Ita asserted, emphasizing that the NNPC sets ex-depot prices, and there is no justification for pump prices exceeding N650 per litre.
Ene-Ita further warned marketers against profiteering and reassured Nigerians that the agency would not tolerate any attempts to exploit the public. He also confirmed that the NMDPRA would take action against stations found displaying and charging the inflated prices.
