Many filling stations run by independent oil marketers now sell Premium Motor Spirit, commonly known as petrol, for between N900 and N1,000 per litre.
These stations do not seem affected by the lower prices at Nigerian National Petroleum Company (NNPC) outlets, where petrol costs between N568 and N617 per litre. This often results in long queues at NNPC stations.
As Nigerians express concerns about the high petrol costs from independent dealers, the Federal Government has pledged to close down stations found selling petrol at exorbitant prices.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated that it’s not fair for marketers to make excessive profits from selling petrol.
Independent oil marketers have said they are buying petrol from private depot owners for as high as N850 per litre, which is why their pump prices are high. However, George Ene-Ita, the spokesperson for NMDPRA, said their reports show different prices at the depots.
“Our depot reports show different prices because we ask them to publish daily prices, and it’s not N850 per litre. Our field agents give us other figures,” he said.
When informed that some independent marketers in Lagos and other states are selling petrol for as high as N900 to N1,000 per litre, Ene-Ita said those stations would face consequences if caught.
“If we find these outlets, we will shut them down. NNPC, which brings in the product, gives us their ex-depot prices, and we set the margins together. There’s no way it should be that high,” Ene-Ita stated.
He added that there’s no way the agency could justify the high cost of petrol sold by independent marketers. “Do you have these stations showing the high prices on their pumps?” he asked. When our correspondent confirmed, Ene-Ita said, “Once we find these outlets, we will shut them down. We don’t expect the price to be higher than N650 per litre.”
The NMDPRA warned marketers against overcharging, emphasizing that they will take action to prevent cheating Nigerians.
Our findings show that marketers are making more profit amid the ongoing fuel crisis in the country. According to a source who told PUNCH news, the owners of filling stations are taking advantage of the situation to increase their margins, as regulators cannot enforce any specific price. Due to low supply from NNPC, private depot owners have raised petrol prices as high as N850 per litre. Independent marketers, who can’t get the product from NNPC at about N570 per litre like major marketers, then sell petrol to consumers at prices ranging from N850 to N1,000 per litre in some areas.
“This is why no marketer is complaining about low margins anymore. This is the time for them to make money. The only issue is that getting the product is not that easy,” according to a source who told PUNCH news.
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