The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says fluctuations in fuel pump prices are a result of market forces in Nigeria’s deregulated downstream petroleum sector. The authority says prices now respond to supply and demand rather than government control.
The spokesperson of the agency, George Ene Ita, made this known in an interview with the News Agency of Nigeria in Abuja. He explained that variations in pump prices across the country are not caused by regulatory interference but by normal market dynamics.
Fuel prices in Nigeria have risen in recent days following the escalation of tensions in the Middle East involving Iran, Israel and the United States. The increase in global crude oil prices has affected the cost of petroleum products in several countries.
Also Read: NNPC Denies Adjusting Pump Prices Of Petrol And Diesel
The Nigerian National Petroleum Company Limited recently increased the pump price of Premium Motor Spirit in Abuja to about N960 per litre, while the Dangote Petroleum Refinery also raised its ex-depot price.
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