The Federal Government has threatened to shut down filling stations selling petrol above the approved price, citing profiteering and exploitation of Nigerians.
Despite efforts by the Nigerian National Petroleum Company (NNPC) to maintain a pump price of N568-N617/litre, independent oil marketers have increased prices to N900-N1,000/litre.
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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) claims that private depot owners are selling petrol to independent marketers at exorbitant rates, leading to high pump prices. Spokesperson of the NMDPRA, George Ene-Ita, said the regulator would take action against offending stations. “We will shut down any filling station found selling above the approved price if we catch them,” he stated.
However, independent marketers argue that they are forced to buy petrol at high prices due to low supply from NNPC. According to the marketers, the subsidized rate of around N570/litre is only available to major marketers, forcing them to sell petrol to consumers at higher prices.
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