Independent oil marketers in Nigeria have hiked the pump prices of Premium Motor Spirit (PMS) to between N900 and N1,000 per litre, a significant increase compared to the N568 to N617 per litre charged at Nigerian National Petroleum Company (NNPC) stations.
This disparity has led to long queues at NNPC outlets as consumers seek cheaper fuel.
In response to growing public concern, the Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has vowed to shut down any filling stations caught selling PMS at exorbitant rates.
NMDPRA spokesperson George Ene-Ita emphasized that the agency would not tolerate profiteering and would take action against marketers found guilty of inflating prices.
Independent marketers defend the high prices, claiming they are purchasing fuel from private depot owners at rates as high as N850 per litre.
However, Ene-Ita refuted these claims, stating that NMDPRA’s reports from depot officials indicate lower prices. The agency insists that pump prices should not exceed N650 per litre, and it plans to clamp down on violators.
The ongoing fuel crisis in Nigeria, marked by low supply from the NNPC, has allowed private depot owners to hike prices, resulting in independent marketers charging significantly more at the pump.
The crisis has also given rise to a thriving black market, particularly in states like Kano, where fuel is sold at even higher rates.
Despite assurances from the NNPC that normalcy would be restored, supply issues persist, with depot operators reporting that only half of the requested fuel is being delivered. This supply shortfall has led to price hikes and increased transport costs across the country, with some regions seeing fuel prices soar to N1,000 per litre.
The NMDPRA continues to monitor the situation, warning marketers against hoarding and profiteering as the fuel crisis drags on.
