NMDPRA says petrol prices above N1,400 strain Nigerians, blames market
NMDPRA said it is aware of the financial strain caused by the recent pump price increase of Premium Motor Spirit above N1,400 per litre in many parts of the country. The authority noted that the rise followed an N85 increase in the Dangote Petroleum Refinery’s gantry price from N1,265 to N1,350 per litre, driven by higher international crude oil prices, with Brent crude closing at $104.87 per barrel on Friday. A survey of filling stations in Abuja showed prices between N1,400 and N1,450 per litre, up from about N1,200‑N1,300 the previous month.
The NMDPRA stressed that, under the Petroleum Industry Act 2021, it does not set pump prices; wholesale and retail prices are determined by free‑market conditions, and no market failure has been declared to justify government intervention. It said it is working with the Nigeria Customs Service and other security agencies to curb illegal cross‑border diversion of petroleum products, and with the Federal Competition and Consumer Protection Commission under a memorandum of understanding to monitor for price‑gouging, collusion, under‑dispensing and compromised quality. The authority has opened dedicated feedback and reporting channels for the public and industry stakeholders to report irregular pricing and exploitative trade practices.
This nationwide price increase affects household budgets, transport operators’ costs and business operating expenses. With deregulation in place, consumers have limited direct recourse except to monitor prices and report suspected abuses. Will you adjust your travel or spending habits, or use the new NMDPRA reporting channels to flag suspected price‑gouging or poor fuel quality?