The Nigerian Midstream And Downstream Petroleum Regulatory Authority (NMDPRA) has warned petrol marketers to stop hoarding Premium Motor Spirit (PMS) otherwise known as petrol to ease the long queues at petrol stations.
This is as the agency has said there is no plan to increase the price of the petrol.
In a statement, the agency said: “The Authority wishes to inform the public that the Federal Government has no intention of increasing the price of PMS during this period.
“The Nigerian National Petroleum Company Limited (NNPC Ltd) has continued to import PMS with current stock levels sufficient for 34 days.
“Consequently, marketers are strongly advised to avoid hoarding of petroleum products, while the general public is advised to avoid panic buying. Marketers found hoarding petroleum products will be sanctioned appropriately.”
The authority assures the public that it would continue to monitor the supply and distribution of all petroleum products nationwide especially during the Yuletide season.
The resurgence of fuel scarcity in Nigeria has crippled businesses and left commuters stranded. This has also resulted in hike in transport fares.
In most states, fuel is sold at between N250 and N280 per litre at filing stations owned by independent marketers as against government’s approved pump price of N165 per litre.
Oil marketers had in July, unilaterally raised the pump price of petrol to N185 in disregard to the N165 per litre approved by the federal government.
The hike which came after Major Oil Marketers Association of Nigeria, (MOMAN), said the current price (N165 per litre) was no longer realistic saw the disappearance of the lingering queues at filling stations around Abuja metropolis.
With the resurgence of fuel queues a few weeks ago, petrol is now sold at between N250 and N280 per litre at most petrol stations owned by members of Independent Petroleum Marketers Association of Nigeria (IPMAN). IPMAN claims its members get the product for as high as N200 per litre from private depot owners.