The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a stern warning to filling stations selling Premium Motor Spirit (PMS) at prices significantly above the approved rates.
Reports have surfaced that some independent marketers are charging as much as N900 to N1000 per litre, far exceeding the N568-N617 per litre range at Nigerian National Petroleum Company Limited (NNPCL) outlets.
Despite independent marketers claiming that higher purchase prices from private depots justify these increases, the NMDPRA disputes this, citing different pricing data collected by their officials.
The agency’s spokesperson, George Ene-Ita, emphasized that NMDPRA requires depots to publish daily prices, and their records show no justification for such elevated pump prices.
“We will take action against stations selling PMS above the approved price,” Ene-Ita warned. “There’s no justification for pump prices exceeding N650 per litre, given the ex-depot prices set by NNPC.”
The NMDPRA also cautioned marketers against exploiting the situation for profiteering, assuring the public of stringent monitoring to ensure compliance with the regulated pricing structure.
The drastic increase in petrol prices, particularly beyond N900 per litre, has forced transport firms to hike fares, exacerbating the economic challenges facing the country.
