By kawaekwune Jeffrey
The federal government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has issued a warning to filling stations inflating fuel prices. The regulatory body has threatened to shut down any station found selling Premium Motor Spirit (PMS), commonly known as petrol, at prices as high as N1,000 per litre.
According to the NMDPRA, some independent oil marketers have been accused of hiking fuel prices, with reports indicating that several stations now sell petrol at prices ranging from N900 to N1,000 per litre. These reports come amid ongoing nationwide fuel scarcity and complaints from consumers over the sharp contrast in prices between stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and those run by independent marketers. While NNPCL stations sell petrol at between N568 and N617 per litre, queues continue to form as consumers flock to these more affordable outlets.
Independent marketers have defended the price increase, claiming they are forced to buy petrol from private depot owners at inflated prices of up to N850 per litre. However, George Ene-Ita, spokesperson for the NMDPRA, refuted these claims. He stated that depot price reports from agency officials differ significantly from the figures provided by the marketers.
Ene-Ita emphasized that NMDPRA’s records do not support the high prices being charged by some independent filling stations. He also confirmed that the agency is investigating reports of fuel stations displaying prices of N900 to N1,000 per litre, warning that any stations found guilty of profiteering will be shut down.
He assured Nigerians that the NMDPRA, in collaboration with NNPCL, has set clear guidelines on pricing and margins, ensuring that the pump price should not exceed N650 per litre. The agency has called on marketers to cease exploiting consumers and promised strict enforcement against any operators found engaging in unfair practices.
