NO More N1000/Litre: All Fuel Stations Receives Warning From NMDPRA, Orders To Sell Petrol At This Price
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a stern warning to filling stations charging excessively high prices for Premium Motor Spirit (PMS). This announcement follows reports that some stations operated by independent marketers are selling PMS for as high as N900 to N1000 per litre, significantly more than the rates offered by Nigerian National Petroleum Company Limited (NNPCL) outlets.
NNPCL outlets are currently selling PMS at prices ranging from N568 to N617 per litre. In contrast, independent marketers argue that they are compelled to sell at higher prices due to the cost of purchasing PMS from private depots. However, the NMDPRA has called into question these claims, asserting that the prices reported by independent marketers are not consistent with the data collected by their officials.
George Ene- Ita, a spokesperson for the NMDPRA, stated unequivocally that the agency would not tolerate the exploitation of consumers through inflated fuel prices. ” We have a mechanism in place that requires depots to publish their daily prices, and our records indicate different figures than those claimed by these marketers. Any filling station found selling PMS above the approved price will face closure, ” Ene- Ita warned.
Ene- Ita further emphasized the role of NNPC in setting ex- depot prices, which serve as a benchmark for retail prices. ” NNPC determines the ex- depot prices, and we collaborate to establish fair margins. There’ s no justification for a pump price exceeding N650 per litre, ” he stated.
The NMDPRA’ s stance comes amid growing concerns about fuel affordability in Nigeria, a country where fluctuations in PMS prices can significantly impact the cost of living. By capping the maximum allowable price for PMS, the NMDPRA aims to protect consumers from unwarranted price hikes, which can exacerbate economic hardships.
In response to the issue, the NMDPRA has promised increased vigilance and enforcement measures to ensure compliance across the country. The agency’ s actions will involve routine monitoring of filling stations and depots, and errant marketers will face sanctions if found guilty of profiteering.
The regulatory body’ s recent move underscores its commitment to maintaining market stability and fairness. The NMDPRA has urged the public to report any instances of price gouging, promising swift and decisive action to address any violations.
The warning serves as a reminder to marketers that while they are entitled to a fair profit margin, exploiting consumers through excessive pricing will not be tolerated. The NMDPRA’ s proactive measures are expected to bring much-needed relief to Nigerian consumers, ensuring that fuel prices remain within a reasonable and affordable range.
