Despite the Nigerian National Petroleum Company’s (NNPC) regulated price of N568-N617/litre, independent oil marketers have fixed pump prices between N900-N1,000/litre, sparking concerns among Nigerians.
The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has threatened to shut down filling stations selling petrol at exorbitant rates, stressing that profiteering is not in the interest of Nigerians.
Independent marketers claim they buy petrol from private depot owners at N850/litre, justifying the high pump prices. However, the NMDPRA disputes this, citing different price reports from their officials at the depots.
The NMDPRA has vowed to shut down defaulting stations, emphasizing that NNPC’s ex-depot prices do not justify the high pump prices. The agency warns marketers involved in profiteering to desist, as it will not allow operators to cheat Nigerians.
The fuel crisis has created an opportunity for marketers to increase their margins, as regulators struggle to enforce prices. Private depot owners have hiked prices to N850/litre, and independent marketers sell to consumers at N850-N1,000/litre.
Despite assurances of restored normalcy, NNPC is still rationing petrol, with marketers only getting half of their bids. The supply remains low, prioritizing the Federal Capital Territory, Abuja, to reduce queues.
A filling station manager in Ogun State attributes the queues to low supply, urging NNPC to ramp up supply. He dismisses claims of hoarding, explaining that
