The Federal Government has threatened to shut down filling stations selling petrol above the approved price of N568-N617 per liter.
Despite efforts by the NNPC to maintain a stable price, independent marketers have increased prices to N900-N1,000 per liter, citing low supply and high costs.
The NMDPRA claims that private depot owners are selling petrol to independent marketers at exorbitant rates, leading to high pump prices.
However, independent marketers argue that they are forced to buy petrol at high prices due to low supply from NNPC.
The subsidized rate of around N570/liter is only available to major marketers, leaving independent marketers to sell petrol to consumers at higher prices.
The NMDPRA has vowed to take action against offending stations, stating that there is no justification for prices to be that high.
The fuel price crisis persists due to low supply, allowing private depot owners to hike prices and independent marketers to sell at high prices, making huge profits.
The situation has led to long queues at NNPC stations and exploitation of Nigerians.
“Our depot people see a different price because we ask them to publish the prices at the depots every day and it is not N850/litre. Our field agents at the depots give us a different figure,” Ene-Ita said.
Responding to reports of independent marketers in Lagos and other states selling petrol at exorbitant prices of N900 to N1,000 per litre, Ene-Ita, said the NMDPRA will take action against such outlets.
“We will shut down any filling station found selling above the approved price if we catch them,” he stated. “NNPC sets the ex-depot price for off-takers, and we work together to determine the margins. There’s no justification for prices to be that high.”
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. As a result, they then sell petrol to consumers at higher prices, ranging from N850 to N900 per litre, and up to N1,000 per litre in some remote areas.
“That is why no marketer is complaining of low margins again. This is the time for them to make money. The only issue is that getting the product is not that easy,” a source told The PUNCH.
