Several filling stations operated by independent oil marketers have raised the price of Premium Motor Spirit (PMS), commonly known as petrol, to between N900 and N1,000 per litre.
This sharp increase contrasts starkly with the prices at Nigerian National Petroleum Company (NNPC) outlets, where petrol is sold for between N568 and N617 per litre, often leading to long queues at these stations.
As public outcry grows over the inflated prices, the Federal Government has pledged to take action against filling stations charging exorbitant rates.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued a stern warning, emphasising that it is unacceptable for marketers to exploit Nigerians through excessive pricing of PMS.
Independent oil marketers have defended the hike, claiming they’ve been purchasing petrol from private depot owners at prices as high as N850 per litre.
However, NMDPRA spokesperson George Ene-Ita disputed these claims, stating that the prices reported by the agency’s officials at the depots differ significantly.
“Our depot personnel report different figures because we require them to publish daily prices, and it’s certainly not N850 per litre,” Ene-Ita explained.
When confronted with reports of some filling stations selling petrol at N900 to N1,000 per litre in Lagos and other states, Ene-Ita assured that such stations would face closure if caught.
“If we find these outlets, our course of action is to shut them down. NNPC sets the ex-depot prices, and we work together to determine the margins. There’s no justification for such a high pump price,” he asserted.
Ene-Ita further expressed disbelief at the high prices being charged by independent marketers, reiterating that NMDPRA’s records do not support such figures.
He also inquired if these stations displayed the inflated prices on their pumps, to which our correspondent confirmed.
“Once we identify these outlets, we will shut them down. The prices set by NNPC should not lead to pump prices exceeding N650 per litre,” Ene-Ita reiterated.
The NMDPRA spokesperson also issued a strong warning to marketers, urging them to stop profiteering, and assured Nigerians that the agency would not tolerate operators cheating the public.
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