The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a stern warning to oil marketers against profiteering and arbitrary increases in the pump prices of petroleum products.
The regulator’s intervention comes as global crude oil benchmarks have declined, creating pressure on domestic fuel pricing structures.
The federal government has emphasized that retail prices must align with the recent decline in global benchmarks, aiming to curb inflationary pressures on consumers.
This regulatory stance reinforces earlier directives from Nigeria’s Ministry of State for Petroleum Resources, which instructed marketers to immediately lower pump prices for Premium Motor Spirit (PMS) to reflect the drop in international crude costs.
The federal government has emphasized that retail prices must align with the recent decline in global benchmarks, aiming to curb inflationary pressures on consumers.
The NMDPRA’s warning highlights the ongoing tension between fuel marketers, who often cite logistics and operational costs to justify higher prices, and the government, which seeks to ensure that savings from lower crude prices are passed on to end-users.
Authorities have indicated that non-compliance could lead to stricter enforcement actions.