News

Petrol Hits ₦1,000/Litre At Independent Stations, FG Threatens Closure

Published

4 months ago

Aug 27, 2024.

Independent oil marketers in Nigeria have raised the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to between ₦900 and ₦1,000 per litre.

This sharp increase contrasts with the lower prices at Nigerian National Petroleum Company (NNPC) stations, where petrol is sold for ₦568 to ₦617 per litre, leading to long queues as consumers seek more affordable fuel.

EDITOR’S PICKS

EKO HOT BLOG reports that the Independent marketers justify the price hike by citing the high costs they incur when purchasing petrol from private depots, sometimes paying up to ₦850 per litre.

One marketer explained, “We’ve been buying petrol from private depot owners at these high prices since last week, which has forced us to raise our pump prices.”

In response to the situation, the Federal Government has pledged to take action against stations selling petrol at excessive rates. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) warned that any station caught profiteering will be shut down.

Petrol Litre Stations

NMDPRA spokesperson, George Ene-Ita, emphasized that the prices reported from the regulator’s officials at the depots did not align with the claims made by independent marketers.

“Our depot people see a different price. We ask them to publish the prices daily, and it is not ₦850/litre,” he said.

Ene-Ita further assured that the agency would take action against any station found to be overcharging consumers.

“Once we get these outlets, we are going to shut them down. NNPC tells us how much they sell, and there is no way the pump prices should be that high,” he stated.