The Chief Executive of the Nigerian Midstream and downstream petroleum regulatory Authority, Farouk Ahmed has warned that petroleum marketers selling above the regulated PMS ex-depot price will have their licenses revoked.
This is coming after a retail station broke its seal and continued operations after its premises were sealed for infractions.
Mr Ahmed made this known while addressing newsmen in Abuja and assuring Nigerians of the availability of petrol
Recently there have been a lot of gaps caused within the downstream sector at clear on gasoline distribution, due to the current global crisis caused by the Russia-Ukraine war and the local reasons for the inflation.
This has affected availability of products particularly from the Marine to depots through trucking to the retail stations.
There have been interactions with the Authority and relevant stakeholders to address these issues
President Buhari had approved an additional N10 for transporters to cover the cost of transportation as a result of the high cost of diesel which is the major source of transporting other products across the country.
And for marketing companies, there was an increase in the freight rate related to the cost of bunkers
Some palliatives were handed down to various markets yet there has been an increase in ex-depot price.
The NNPCL is the sole importer of these products and it sells to marketers at the regulated price benchmark, which is why the increase in pump price is hard to explain.
Over 7 premium motor spirit depots in Lagos, Calabar, Warri, port Harcourt and oghara have been sealed for selling above the ex-depot price
One fuel station in Abuja will have its license revoked for breaking it seal and continuing operations after it was shutdown for infractions.
Nigeria has grappled with an ongoing and seemingly intractable Fuel Scarcity over the last few months and the nation has seen a an alarming increase in the prices of Food and Other products including almost a doubling of Transport Costs.
