Independent oil marketers in Nigeria have increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to between ₦900 and ₦1,000 per litre. This sharp rise has caused significant frustration, particularly as Nigerian National Petroleum Company (NNPC) stations continue to sell petrol at much lower prices, ranging from ₦568 to ₦617 per litre.
The price disparity has led to long queues at NNPC stations as consumers seek more affordable options. Independent marketers defend their price hikes, citing high purchasing costs from private depots, with some claiming to buy petrol at rates as steep as ₦850 per litre.
In response, the Federal Government has vowed to shut down any filling stations found selling petrol at excessive rates. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued a warning to marketers, stating that any station caught profiteering would face closure.
NMDPRA spokesperson, George Ene-Ita, stressed that the prices reported by the regulator at depots did not match the claims made by independent marketers. He assured that the agency would take decisive action against any station overcharging consumers, urging marketers to refrain from exploiting Nigerians during the ongoing economic challenges.
