The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on behalf of the federal government, has issued a stern warning to filling stations inflating the price of Premium Motor Spirit (PMS), commonly known as petrol, by charging as much as N1,000 per liter......See Full Story>>.....See Full Story>>
According to the NMDPRA, several independent marketers have been accused of increasing their petrol prices to between N900 and N1,000 per liter, exploiting Nigerians in the process.
Nigerian Tribune reported that this development came amid public outrage over the significant price disparity between petrol sold at Nigerian National Petroleum Company Limited (NNPCL) outlets and those run by independent marketers. The surge in prices has led to long queues at NNPCL stations across the country.
At NNPCL stations, petrol is priced between N568 and N617 per liter, making the higher charges at independent stations even more glaring. In response, independent marketers have defended their actions, claiming they purchase petrol from private depots at prices as steep as N850 per liter.
However, NMDPRA spokesperson George Ene-Ita refuted these claims, stating that the agency’s own depot price data contradicts these figures. “Our depot personnel report different figures because we require them to publish daily prices, and it’s certainly not N850 per liter,” Ene-Ita clarified.
Ene-Ita also addressed reports of some stations in Lagos and other states selling petrol for as much as N1,000 per liter, emphasizing that such outlets would face closure. “If we find these outlets, our course of action is to shut them down,” he warned, adding that there was “no justification” for such high pump prices.
Expressing disbelief at the inflated rates charged by independent marketers, Ene-Ita reiterated that NMDPRA records do not support these claims. He further confirmed that once the offending stations are identified, they will be shut down to protect consumers.
Ene-Ita concluded by issuing a strong warning to marketers to cease profiteering, affirming that the NMDPRA would not allow operators to cheat the public.
“Once we identify these outlets, we will shut them down. The prices set by NNPC should not lead to pump prices exceeding N650 per liter,” he warned.