By: Balogun Tumininu
The Federal Government has warned that it will take drastic action against filling stations charging excessive prices for petrol, with some independent vendors reportedly selling the product for as high as N1,000 per litre.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has expressed concern over the price gouging, stating that it is not beneficial to Nigerians. Independent oil marketers have attributed the high pump prices to the increased cost of purchasing petrol from private depot owners, which has risen to N850 per litre in some cases.
However, NMDPRA spokesperson George Ene-Ita disputed these claims, citing conflicting price information from depot officials. He emphasized that the agency will shut down any outlets found charging excessively, as the prices do not align with the official ex-depot prices set by the NNPC.
“We will shut them down. NNPC tells us how much they sell, and there is no way the pump prices should be that high. We don’t expect it to be higher than N650/litre,” Ene-Ita stated.
The Federal Government’s stance aims to protect consumers from exploitation and ensure fair pricing in the petroleum market.