In a troubling escalation of Nigeria’s ongoing fuel crisis, independent oil marketers have drastically increased the pump prices of Premium Motor Spirit (PMS), commonly known as petrol, with rates now ranging between N900 and N1,000 per litre.
This sharp hike starkly contrasts with the prices at Nigerian National Petroleum Company (NNPC) stations, where petrol is sold between N568 and N617 per litre, leading to long queues at these outlets as desperate motorists seek more affordable options.
The Federal Government has responded with a stern warning, vowing to crack down on filling stations caught selling petrol at exorbitant rates.
This warning came through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which emphasized that profiteering at the expense of Nigerians would not be tolerated.
However, independent oil marketers defend the price hikes, claiming that they have been purchasing petrol from private depots at prices as high as N850 per litre, a significant increase from the rates offered by NNPC.
In contrast, NMDPRA’s spokesperson, George Ene-Ita, disputed these claims, stating that daily price reports from depots do not reflect such high costs.
Despite the regulatory threats, many independent stations across Lagos and other states continue to sell petrol at rates up to N1,000 per litre.
Ene-Ita asserted that any station found guilty of this practice would be shut down, reiterating that the expected price ceiling should not exceed N650 per litre.
The fuel crisis, marked by low supply and skyrocketing prices, has provided an opportunity for independent marketers to increase their profit margins significantly.
As NNPC struggles to meet demand, private depot owners have seized the moment, selling petrol at inflated prices, leaving independent marketers with no choice but to pass on the costs to consumers.
This situation has sparked outrage among Nigerians, who are already grappling with the high cost of living. Meanwhile, the regulatory authority faces challenges in enforcing price controls as the crisis persists.
The PUNCH reports that the scarcity of fuel has created an environment where enforcement is nearly impossible, allowing marketers to exploit the situation for financial gain.
As the crisis drags on, the future remains uncertain, with consumers bearing the brunt of a broken supply chain and a seemingly ineffective regulatory framework.
Source PUNCH
