Because petrol is a regulated good with set prices, Nigeria’s Midstream and Downstream Petroleum Regulatory Authority has argued that the price must stay at N165.
They further stated that the pump price remained N165 and that the ex-depot price was known, and that the authority was always prepared to execute the law.
This was disclosed by, Mr Ugbugo Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure (NMDPRA) on Tuesday after visiting jetties in Apapa, Lagos.
Ukoha said the focus of the stakeholders in the next few days would be to close the supply gaps and resolve the ongoing scarcity of petrol as soon as possible.
Meanwhile, Mr Adetunji Adeyemi, Group Executive Director, Downstream, NNPC Ltd., said the purpose of the visit to the depots was to get first-hand information on the challenges responsible for the current scarcity.
“Today we have about 2 billion litres of PMS in-country, which is about 34 days sufficiency. So, there is sufficient petrol in the country.
“We are working with the entire stakeholders and players in the downstream sector to ensure that this product gets to the distribution channels and also the stations.
“We want Nigerians to continue to enjoy the free flow of petroleum products,” he said.