The NMDPRA has warned petrol stations against selling Premium Motor Spirit (PMS) at inflated prices nearing ₦1,000 per litre. This measure aims to protect Nigerians from price gouging, particularly in light of the significant price differences between NNPCL and independent marketers.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has taken a firm stance against the exploitation of consumers at petrol stations. The authority recently issued warnings to stations selling Premium Motor Spirit (PMS) for prices as high as ₦1,000 per litre, significantly higher than the regulated prices set by the Nigerian National Petroleum Company Limited (NNPCL).
Currently, NNPC stations offer petrol prices ranging from ₦568 to ₦617 per litre. This disparity has sparked public outrage, leading to increased scrutiny of independent marketers who argue that their costs are driven up by purchasing petrol from private depots at rates nearing ₦850 per litre. However, NMDPRA spokesperson George Ene-Ita disputed these claims, stating that reports from the agency's depot personnel reflect much lower figures.
In response to these inflated prices, the NMDPRA has warned that any station found charging excessive rates would face immediate closure. Ene-Ita stressed that NNPC sets the ex-depot prices and that there is no justification for the high pump prices observed at some outlets.
The NMDPRA's commitment to protecting Nigerians from fuel price exploitation underscores the agency's efforts to maintain fair pricing in the petroleum sector. The authority's actions aim to prevent market manipulation and ensure that consumers are not unfairly burdened by soaring fuel costs.
