The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has issued a stern warning to filling stations engaged in profiteering by selling Premium Motor Spirit (PMS), commonly known as petrol, at exorbitant prices as high as ₦1,000 per litre.
The NMDPRA accused some independent marketers of exploiting Nigerians by raising petrol prices to between ₦900 and ₦1,000 per litre, far above the average national rate. This development has sparked widespread public outcry, particularly as long queues persist at many fuel stations across the country.
The significant price disparity has become more evident when compared to the prices at Nigerian National Petroleum Company Limited (NNPCL) outlets, where petrol is sold at between ₦568 and ₦617 per litre. This has resulted in long queues at NNPC-operated stations, as motorists seek more affordable fuel.
Independent oil marketers have defended their pricing, claiming that they are forced to purchase petrol from private depots at inflated rates, sometimes as high as ₦850 per litre. However, NMDPRA spokesperson George Ene-Ita has challenged these claims, stating that the agency’s records from depots indicate much lower prices.
“Our reports from depot personnel, who are required to publish daily prices, do not support the claims of ₦850 per litre,” Ene-Ita stated.
In response to reports of filling stations in Lagos and other states selling petrol for as much as ₦900 to ₦1,000 per litre, Ene-Ita assured the public that such stations would face immediate closure if found guilty of such practices.
“If we identify these outlets, we will shut them down. The NNPC sets the ex-depot prices, and we collaborate to determine reasonable margins. There is absolutely no justification for pump prices to be as high as ₦1,000 per litre,” he asserted.
Ene-Ita further expressed skepticism about the pricing tactics of independent marketers, emphasizing that NMDPRA’s records do not support the inflated figures being reported. He also questioned whether these stations displayed the excessive prices on their pumps, to which confirmation was received from a correspondent.
“Once identified, these outlets will be shut down. The pricing set by NNPC should not result in pump prices exceeding ₦650 per litre,” Ene-Ita reiterated.
The NMDPRA spokesperson issued a strong warning to marketers, urging them to desist from profiteering and assured Nigerians that the agency would take firm action against operators exploiting the public.
