The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has announced when Nigerians can expect lower Premium Motor Spirit (PMS) pump prices nationwide.
George Ene-Ita, Head of Public Affairs at NMDPRA, stated in a recent interview that fuel prices could become more affordable for consumers when domestic refining becomes stronger.
His comments came amid a recent rise in the pump prices of fuel and other petroleum products across the country.
In the past two weeks, petrol prices have increased significantly to between ₦1,310 and ₦1,350 per liter from between ₦1,210 and ₦1,275, after depot owners and Dangote Refinery raised their ex-depot and gantry prices.
Reacting, the NMDPRA spokesperson affirmed that the country’s petrol pump prices are fully deregulated.
According to him, factors such as the state of domestic refining, crude oil sourcing as feedstock, and the delay between offshore crude oil sourcing and its arrival at the refinery all contribute to fuel price fluctuations in Nigeria.
He added that, “Perhaps when the domestic refining ecosystem becomes more robust, competitive, and sustainable, the issues regarding pricing will become clearer and more beneficial to consumers.”
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