Independent oil marketers in Nigeria have raised the pump prices of Premium Motor Spirit, popularly called petrol to between N900 and N1,000 per litre, significantly higher than the Nigerian National Petroleum Company (NNPC) retail prices, which range from N568 to N617 per litre.
This price disparity has led to long queues at NNPC stations, as Nigerians express concern over the escalating costs.
The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has vowed to shut down filling stations caught selling petrol at exorbitant rates.
NMDPRA officials have stated that reports from their depot agents do not align with the high prices claimed by independent marketers, who assert they are purchasing petrol from private depots at up to N850 per litre.
Despite these claims, the NMDPRA has emphasized that such inflated prices are unjustifiable and that regulatory actions will be taken against any stations found violating pricing regulations. The NNPC, responsible for product importation, has been accused of inadequate supply, which has exacerbated the situation.
As petrol supplies remain low, independent marketers are seizing the opportunity to increase their profit margins, leading to further price hikes. This supply-demand imbalance has not only strained the pockets of Nigerian consumers but also revitalized black market activities, particularly in regions like Kano, where petrol is being sold for as high as N1,300 per litre.
Depot operators and industry insiders suggest that the Federal Government’s prioritization of fuel supply to the Federal Capital Territory, Abuja, has slightly improved the situation there, but the rest of the country continues to struggle with scarcity and inflated prices.