Petrol prices in Nigeria have surged to unprecedented levels, with some independent filling stations now charging between N900 and N1,000 per liter. This price hike has sparked nationwide outrage, with the Federal Government vowing to shut down any filling station caught selling petrol at such exorbitant rates.
While stations operated by the Nigerian National Petroleum Company (NNPC) still offer petrol at prices ranging from N568 to N617 per liter, many independent marketers are taking advantage of the situation, leading to long queues at NNPC outlets.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has condemned the actions of these independent marketers.
The NMDPRA spokesperson, George Ene-Ita, emphasized that the agency will not tolerate profiteering at the expense of Nigerians. Ene-Ita warned that any filling station found selling petrol at inflated prices will face immediate closure.
However, the Independent oil marketers have defended their high prices, claiming they are forced to buy petrol from private depots at prices as high as N850 per liter.
In a swift response, NMDPRA disputes this claim, stating that their daily reports from depots indicate much lower prices.
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Ene-Ita questioned the validity of the marketers’ claims, noting that the official ex-depot prices set by NNPC should not lead to such high retail prices. He assured that the NMDPRA is actively monitoring the situation and will take decisive action against any station found guilty of overcharging customers.
As the fuel crisis continues, independent marketers are reportedly seizing the opportunity to maximize profits. With the NNPC struggling to meet supply demands, private depot owners have hiked prices, leaving independent marketers no choice but to pass these costs onto consumers.
A source within the industry revealed that independent marketers, who cannot access NNPC’s lower-priced fuel, are buying from depots at inflated rates and selling to motorists at prices ranging from N850 to N1,000 per liter. This profiteering has led to a dramatic increase in petrol prices across Nigeria, with some remote areas experiencing the highest prices.
