Pump price of petrol rises from N162 to N165 per litre  

BREAKING: FG hikes fuel pump price to N212
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  • NMDRA warns marketers against price increase

The pump price of petrol has risen from N162 to N165 per litre in several parts of Lagos. The price increase noticed at various petrol stations across the state was effected without announcement by the regulatory authorities. While some motorists questioned the sudden adjustment of the pump price of petrol to N165 from N162 per litre, some others were involved in panic buying in the fear that there may be further price increase before the Christmas holidays. Some consumers were under pressure to buy large quantities for storage at home.

However, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA) on Saturday cautioned petrol marketers against the sudden increase of the pump price of petrol, emphasizing that the federal government has not altered the price of petrol; adding that the government has no plan to increase or make upward adjustment of the pump price of petrol for now.

It was revealed that the sudden increase in the pump price of petrol was a result of petrol being sold above the official price at loading depots of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).

The NMDRA in a statement by the Chief Executive Officer (CEO), Farouk Ahmed, explained that this was caused by the insinuation of imminent increase in the price of the petrol by the federal government.

The CEO admonished marketers to desist from hoarding, creating artificial scarcity, and unwholesome practices that would constitute hindrance to the dispensation of Petrol in the country.

Farouk Ahmed guaranteed the stakeholders that there is sufficient stock of petrol, madding that the NNPC had also assured of sufficient supply of petrol.

The NMDRA CEO, therefore, directed all operational offices of the Authority across the country to ensure that all loading depots and retail outlets are dispensing petrol only at the official price. He encouraged motorists to eschew from panic buying, as well as report any marketer selling at increased price to the nearest NMDRA office.