Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has warned that it will sanction filling stations that sell Premium Motor Spirit (PMS) beyond the approved price. This is in reaction to reports of independent marketers who have been selling them at prices higher than N900 and N1000 per litre, which are in contrast with the ones sold by Nigerian National Petroleum Company Limited (NNPCL).
NNPCL outlets currently sell PMS from N568-N617 per litre, while private depots charge higher amounts for PMS, as alleged by independent marketers. The NMDPRA, however, disputes these claims, citing their officials’ records show otherwise.
According to George Ene-Ita, spokesman for NMDPRA, “We need daily price publication from depots, and we have different figures on our records. We shall close down stations selling above the approved price.” He added, “NNPC sets ex-depot prices, and we work together with them to determine margins. There is no explanation as to why such a high pump price should exist in Nigeria today? Prices fixed by NNPC should not make pump prices exceed N650 per litre.”
Marketers have been cautioned against excess profits by NMDPRA, but they can assure the public that they will monitor everything closely to ensure compliance
