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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a stern warning to filling stations exploiting Nigerians by selling Premium Motor Spirit (PMS) at exorbitant prices of up to ₦1,000 per litre.
This comes amid public outrage over the significant price disparity between filling stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and those run by independent marketers.
The latter sell petrol as high as ₦1,000 per litre, while NNPC outlets maintain prices between ₦568 and ₦617 per litre.
Independent marketers have justified the price hike by claiming they purchase petrol from private depots at prices as high as ₦850 per litre.
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However, NMDPRA spokesperson George Ene-Ita refuted these claims, stating that the agency's depot personnel reported much lower figures.
"Our depot personnel report different figures because we require them to publish daily prices, and it's certainly not ₦850 per litre," Ene-Ita clarified.
Petrol hike: Regulators to enforce closure of fuel station
Ene-Ita assured that any filling stations caught selling petrol at such inflated prices would be shut down immediately.
"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 emphasised.
The NMDPRA has also warned marketers against profiteering, emphasising its stance against any form of exploitation in the petroleum industry. The agency has vowed to protect Nigerians from being overcharged for fuel.