The agency regretted that it received reports of some stations operated by independent marketers are selling PMS for N900 and N1000 per litre, significantly higher than the prices at Nigerian National Petroleum Company Limited (NNPCL) outlets.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has threatened to take action against filling stations selling Premium Motor Spirit (PMS) above the approved price.
The agency regretted that it received reports of some stations operated by independent marketers are selling PMS for N900 and N1000 per litre, significantly higher than the prices at Nigerian National Petroleum Company Limited (NNPCL) outlets.
NNPC outlets sell PMS for N568-N617 per litre, while independent marketers claim to purchase PMS from private depots at higher prices.
However, the NMDPRA has disputed these claims, citing different prices reported by their officials.
NMDPRA spokesperson George Ene-Ita stated that the agency would take action against stations selling PMS above the approved price. “We require depots to publish daily prices, and our records show different figures. We will shut down stations selling above the approved price.”
“NNPC sets the ex-depot prices, and we work together to determine the margins. There’s no justification for such a high pump price.
“The prices set by NNPC should not lead to pump prices exceeding N650 per litre,” Ene-Ita reiterated.
The NMDPRA, however, warned marketers against profiteering and assured the public that it will monitor the situation to ensure compliance.
SaharaReporters reports that prices of PMS across the country had increased dramatically, selling above N900 per liter, forcing transport firms to increase transportation fare.
The recent increase in petrol pump price has also increased the strains in the economic hardship ravaging the country.