We Will Shut Down Fuel Stations Inflating Pump Prices Arbitrarily-NMDPRA

By: Abdulwasiu Akintunde 

 The Federal Government, via the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has threatened to shut down petrol stations that are charging as much as N1,000 per litre for petrol.

As concerns grow among Nigerians about the escalating prices set by independent petrol dealers, the Government has committed to taking action against any station found inflating the cost of Premium Motor Spirit (PMS).

 OPEN TELEVISION Naija (OTN) News report that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), while  expressing concerns over the situation, has stressed that price gouging by fuel marketers is detrimental to consumers.

OTN News reports that NMDPRA spokesperson, George Ene-Ita, has pointed out that the pricing data from their depot officials does not support the claims of such high acquisition costs.

According to Ene-Ita, the independent oil marketers have claimed that they have been forced to buy petrol from private depots at prices as high as N850 per litre, which they say is driving up the pump prices.

“Our depot officials report different prices because they publish the rates daily, and it is not N850 per litre,” Ene-Ita said. 

“Our field agents at the depots are seeing lower prices," he added. 

Ene-Ita therefore emphasized that if any outlets are found charging excessively, they will be shut down. 

He noted that the NNPC, as the main supplier, provides the product at specific ex-depot prices, and there is no justification for prices to exceed reasonable margins.

“If we identify these outlets, we will close them. NNPC gives us the pricing, and we do not expect the pump price to be above N650 per litre,” he concluded.