The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a warning to filling stations selling Premium Motor Spirit (PMS) above the approved price, following reports that some independent marketers are charging as much as N900 to N1000 per litre.
This is significantly higher than the prices at Nigerian National Petroleum Company Limited (NNPCL) outlets, where PMS is sold for N568 to N617 per litre.
Independent marketers have defended the high prices, claiming they purchase PMS from private depots at elevated rates. However, the NMDPRA has disputed these assertions, pointing to different price figures reported by its officials.
George Ene-Ita, the NMDPRA spokesperson, stated that the agency will take decisive action against stations selling PMS above the regulated price. “We require depots to publish daily prices, and our records show different figures. We will shut down stations selling above the approved price,” Ene-Ita warned.
He further emphasized that the ex-depot prices set by the NNPC, in collaboration with the NMDPRA, should not result in pump prices exceeding N650 per litre. Ene-Ita reiterated that there is no justification for the exorbitant prices being charged by some independent marketers.
The NMDPRA also cautioned marketers against engaging in profiteering and assured the public that it would closely monitor the situation to ensure compliance with the approved pricing.
According to SaharaReporters, the price of PMS across the country has surged, with some stations selling it for over N900 per litre. This increase has led to higher transportation costs, exacerbating the economic difficulties already affecting the nation.