The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a warning to filling stations that are selling Premium Motor Spirit (PMS) at prices higher than the approved rates.
The authority expressed concern over reports that some stations, particularly those run by independent marketers, are charging as much as N900 to N1,000 per litre of PMS. This is considerably above the prices set by Nigerian National Petroleum Company Limited (NNPCL) outlets, where PMS is sold for between N568 and N617 per litre.
Independent marketers have defended their actions by claiming that they purchase PMS from private depots at elevated prices. However, the NMDPRA has refuted these claims, stating that the prices reported by their officials differ from those claimed by the marketers.
George Ene-Ita, the NMDPRA spokesperson, emphasized that the agency will take decisive action against any station selling PMS above the approved price. “We mandate depots to publish daily pricing, and our records indicate different figures than those being claimed. Any station found selling above the authorized price will be shut down,” Ene-Ita warned.
He further explained that the ex-depot prices are set by NNPC, with both organizations collaborating to determine reasonable margins. “There is no justification for such an exorbitant pump price. The prices established by NNPC should not result in pump prices exceeding N650 per litre,” Ene-Ita added.
The NMDPRA also cautioned marketers against exploiting the situation for excessive profits and assured the public that it would closely monitor compliance to prevent further price hikes.
According to SaharaReporters, the cost of PMS has surged across the country, with prices climbing above N900 per litre. This sharp increase has forced transportation companies to raise their fares, adding to the economic difficulties already faced by Nigerians.
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