The Federal Government has vowed to take action against independent oil marketers who are defying the government’s approved fuel price, selling petrol at N900-N1,000/litre.
Despite efforts by the Nigerian National Petroleum Company (NNPC) to maintain a pump price of N568-N617/litre, independent marketers have increased prices, citing low supply from NNPC and high prices from private depot owners.
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. The regulator has threatened to shut down any filling station found selling above the approved price.
However, independent marketers argue that they are forced to buy petrol at high prices due to low supply from NNPC, making it impossible to sell at the subsidized rate of around N570/litre. They claim that the high prices are a result of demand and supply, and that they are taking advantage of the situation to add to their margins.
The NMDPRA has assured that it will monitor the situation and take action against offenders, while the NNPC has promised to increase supply to reduce prices. The government’s efforts aim to protect Nigerians from profiteering and exploitation by independent marketers.
