Independent oil marketers across Nigeria have raised the price of petrol to between N900 and N1,000 per litre, significantly higher than the N568 to N617 per litre found at Nigerian National Petroleum Company (NNPC) outlets. This price hike has led to long queues at NNPC stations as Nigerians seek more affordable fuel.
In response, the Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has vowed to shut down any fuel stations caught selling petrol at exorbitant rates. The government is determined to curb profiteering in the petroleum market, with officials insisting that the high prices reported by independent marketers do not align with the figures reported at depots.
The increase in petrol prices has been attributed to independent marketers purchasing fuel from private depots at as much as N850 per litre, leading to significant price hikes at their stations. However, the NMDPRA disputes these figures and warns that any stations found overcharging customers will face closure.
Meanwhile, supply issues continue to plague the market, with the NNPC reportedly rationing fuel, which has contributed to the ongoing scarcity and high prices. Despite government efforts to prioritize fuel distribution to areas like the Federal Capital Territory, Abuja, the crisis persists, with prices reaching as high as N1,000 per litre in some regions, and black market activities flourishing as a result.
