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Independent oil marketers in Nigeria have hiked the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to between ₦900 and ₦1,000 per litre.
This comes amid growing frustration over the disparity in fuel prices, as stations operated by the Nigerian National Petroleum Company (NNPC) continue to sell petrol at much lower prices, ranging from ₦568 to ₦617 per litre.
The significant price gap has led to long queues at NNPC stations, where consumers hope to buy petrol at more affordable rates.
However, independent marketers have defended their decision, claiming that they are forced to purchase petrol from private depots at exorbitant rates, sometimes as high as ₦850 per litre.
One independent marketer who spoke with Punch stated, “We’ve been buying petrol from private depot owners at these high prices since last week, and that’s why our pump prices have increased accordingly.”
In response, the Federal Government has vowed to clamp down on filling stations selling petrol at excessive rates.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued a stern warning to marketers, stating that any station caught profiteering would be shut down.
NMDPRA spokesperson, George Ene-Ita, emphasized that the prices reported from the regulator’s officials at the depots did not align with the claims made by independent marketers.
“Our depot people see a different price. We ask them to publish the prices daily, and it is not ₦850/litre,” he said.
Ene-Ita further assured that the agency would take action against any station found to be overcharging consumers.
“Once we get these outlets, we are going to shut them down. NNPC tells us how much they sell, and there is no way the pump prices should be that high,” he stated.
The NMDPRA also urged marketers to desist from profiteering, warning that the agency would not tolerate operators exploiting Nigerians amid the challenging economic climate.