FG Warns Filling Stations as Petrol Prices Surge to N1,000/Litre

The Federal Government has announced plans to shut down filling stations selling petrol at excessively high prices, as fuel costs soar to between N900 and N1,000 per litre at some independent outlets.

Price Discrepancy

Many independent oil marketers have recently increased the price of Premium Motor Spirit (PMS), commonly known as petrol, to as much as N1,000 per litre. This sharp increase contrasts with the prices at Nigerian National Petroleum Company (NNPC) stations, where petrol is sold between N568 and N617 per litre. The significant price difference has led to long queues at NNPC stations, as consumers seek more affordable fuel.

Government’s Response

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has expressed concern over the high prices set by independent marketers. The NMDPRA emphasized that it is not in the best interest of Nigerians for petrol marketers to exploit consumers. The regulator has vowed to take strict action, including shutting down any filling stations caught selling petrol at exorbitant rates.

Marketers’ Defense

Independent oil marketers have defended the high pump prices, claiming that they have been purchasing petrol from private depots at rates as high as N850 per litre. They argue that this increased cost at the source has forced them to raise prices at their filling stations.

Regulatory Discrepancy

However, the NMDPRA spokesperson, George Ene-Ita, has challenged these claims. He stated that the prices reported by NMDPRA officials at the depots do not align with the marketers’ claims. According to Ene-Ita, the daily prices published by the regulator’s field agents at depots are lower than the N850 per litre cited by the marketers.

Additional Information

The recent surge in petrol prices is part of a broader trend of rising fuel costs across the country. The removal of fuel subsidies in June 2023 has contributed to the volatility in petrol prices, leading to widespread concern among consumers. The government has pledged to monitor the situation closely and take necessary steps to protect consumers from price exploitation.

Conclusion

As the situation develops, the Federal Government’s commitment to enforcing fair pricing at filling stations will be crucial in addressing the concerns of Nigerians struggling with the high cost of fuel.