The federal government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has warned that it will shut down any filling stations profiteering from Nigerians by selling Premium Motor Spirit (PMS), commonly known as petrol, at prices as high as N1,000 per litre.

The NMDPRA alleged that several filling stations, operated by independent marketers, have inflated their prices to between N900 and N1,000 per litre, taking advantage of Nigerian consumers.

This warning follows public outcry over the stark difference between the prices of petrol at filling stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and those run by independent marketers, as long queues persist nationwide.

The sharp increase contrasts significantly with the prices at NNPCL outlets, where petrol is sold for between N568 and N617 per litre, often leading to long queues at these stations.

Independent oil marketers have defended the price hike, claiming that they have been purchasing petrol from private depot owners at prices as high as N850 per litre. However, NMDPRA spokesperson George Ene-Ita disputed these claims, stating that the prices reported by the agency’s officials at the depots differ significantly.

“Our depot personnel report different figures because we require them to publish daily prices, and it’s certainly not N850 per litre,” Ene-Ita explained.

When questioned about reports of some filling stations selling petrol at N900 to N1,000 per litre in Lagos and other states, Ene-Ita assured that such stations would be shut down if caught.

“If we find these outlets, our course of action is to shut them down. NNPC sets the ex-depot prices, and we work together to determine the margins. There’s no justification for such a high pump price,” he asserted.

Ene-Ita further expressed disbelief at the high prices being charged by independent marketers, reiterating that NMDPRA’s records do not support such figures. He also inquired if these stations displayed the inflated prices on their pumps, which was confirmed by our correspondent.

“Once we identify these outlets, we will shut them down. The prices set by NNPC should not lead to pump prices exceeding N650 per litre,” Ene-Ita reiterated.

The NMDPRA spokesperson also issued a stern warning to marketers, urging them to cease profiteering, and assured Nigerians that the agency would not tolerate operators exploiting the public.