The Federal Government has vowed to shut down any filling stations found selling petrol at the exorbitant rate of N1,000 per litre.
Amid growing concerns from Nigerians about the soaring prices set by independent petrol vendors, the government has assured that it will take action against stations engaging in such price hikes.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) raised alarm over this issue, stressing that it is detrimental to Nigerians when marketers inflate PMS prices unreasonably.
Independent oil marketers have reported purchasing petrol from private depot owners at rates as high as N850 per litre in recent weeks, attributing the high pump prices to these increased costs.
However, NMDPRA spokesperson George Ene-Ita disputed these claims, stating that the price data from their depot officials does not match the reported figures.
“Our depot teams observe different prices, as we require them to publish daily prices at the depots, and it’s not N850/litre. Our field agents at the depots provide us with different numbers,” he said.
“If we identify such outlets, we will shut them down. The NNPC supplies the product and informs us of their ex-depot prices to off-takers, and we collaborate to determine the margins. There is no justification for prices to be that high.
“Once we confirm these outlets, we will shut them down. The NNPC provides the pricing, and the pump prices should not exceed N650/litre.”
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