The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, said when Nigerians should expect a reduction in Premium Motor Spirit, PMS, pump prices across the country.
George Ene-Ita, NMDPRA’s Head of Public Affairs, told a recent interview that with the strengthening of local refining, fuel prices may get more favorable for the consumers.
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His comments follow a recent increase in the pump prices of fuel and other petroleum products nationwide.
It was gathered that the petrol prices had gone up significantly in the last two weeks from between N1,210 and N1,275 to between N1,310 and N1,350 per liter following the increase in the ex-depot and gantry prices by depot owners and Dangote Refinery.
The NMDPRA spokesperson, reacting, said prices of petrol pumps have been fully deregulated in the country.
He attributed fuel price volatility in Nigeria to factors such as the state of domestic refining, sourcing of crude oil as feedstock and the time lag between when crude oil is sourced offshore and when it eventually arrives at the refinery.
When asked when Nigerians can expect some relief, he said, “Maybe, when the domestic refining ecosystem gets more robust, competitive and sustainable, the issues around pricing would become clearer and more beneficial to the consumers.”
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