The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced plans to sanction oil marketers selling Premium Motor Spirit (PMS) at pump prices not reflective of the recent drop in global crude oil prices.
In a statement issued Wednesday, NMDPRA spokesperson George Ene-Ita stressed that petroleum product prices must remain cost-reflective in line with the Petroleum Industry Act.
He cautioned Oil Marketing Companies against price gouging and profiteering, noting that depots and retail outlets are under close monitoring.
“Regulatory sanctions will be applied where applicable,” Ene-Ita said, adding that the authority is working with security agencies and the Federal Competition and Consumer Protection Commission to safeguard consumer interests.
The warning follows remarks by Minister of State for Petroleum, Heineken Lokpobiri, who urged regulators to protect Nigerians from profiteering.
Lokpobiri noted that despite easing tensions between Iran and the United States, fuel prices in Nigeria have not reflected the global decline in crude oil costs.
He emphasized that while the sector is fully deregulated, regulators must ensure that deregulation does not become an avenue for exploitation.
Lokpobiri also highlighted that deregulation has paved the way for the operationalisation of the Dangote Refinery and other projects, ensuring product availability since 2023 despite global disruptions.
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