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Home Business & Finance

Nigerian Regulatory Agency Threatens to Shut Down Filling Stations Over Price Hike

Nnaemeka OkwarabyNnaemeka Okwara
August 27, 2024
in Business & Finance
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Nigerian Regulatory Agency Threatens to Shut Down Filling Stations Over Price Hike
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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

Tags: federal characterFilling StationhikeNewsNigeriaNigerian Regulatory Agency Threatens to Shut Down Filling Stations Over Price Hikepetrolprice
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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