NMDPRA says it does not fix petrol pump prices

The NMDPRA has clarified that it does not fix petrol pump prices, stating that the Petroleum Industry Act allows for free-market pricing conditions. Read More: https://punchng.com/nmdpra-says-it-does-not-fix-petrol-pump-prices/

punchng.com ·3h ago

NMDPRA says it does not fix petrol pump prices

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified that it does not intervene in the retail pricing of petrol under the Petroleum Industry Act. This follows recent increases in the pump price of Premium Motor Spirit, which has placed financial pressure on various sectors of the economy. According to the NMDPRA, Section 205 of the Petroleum Industry Act 2021 mandates that wholesale and retail prices of petroleum products should be determined based on unrestricted free-market conditions, without the authority fixing pump prices or issuing administrative price templates.

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