NMDPRA: We Don’t Fix Petrol Prices, Market Forces Determine Pump Rates By Okwo Romeon Abuja

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified that it does not fix the pump price of Premium Motor Spirit (PMS), popularly known as petrol, saying prices are determined by prevailing market conditions under the Petroleum Industry Act (PIA) 2021.

The clarification comes amid renewed public concern over the recent increase in petrol prices and its impact on households, transport operators and businesses across the country.


In a statement, the Authority said Section 205(1) of the PIA provides that wholesale and retail prices of petroleum products should be based on unrestricted free-market pricing conditions.


According to the NMDPRA, it neither fixes petrol pump prices nor issues administrative price templates, while government intervention in pricing is restricted under Section 205(2)-(4) to exceptional circumstances where there is formal evidence of declared market failure.


The Authority added that no such market failure had been declared.


It, however, stressed that its regulatory mandate empowers it to prevent anti-competitive practices, price-fixing and abuse of market dominance under Section 216 of the PIA.


The NMDPRA said it was also intensifying measures to protect consumers and promote fair competition in the downstream petroleum sector.


As part of efforts to stabilise supply and address illegal cross-border diversion of petroleum products, the Authority said it was conducting joint security operations with the Nigeria Customs Service and other relevant agencies.


It said the operations include intensified surveillance along border corridors to curb petroleum product smuggling.


The regulator further stated that deregulation does not exempt petroleum operators from regulatory compliance and fair-trade standards.


It disclosed that, under its formal Memorandum of Understanding with the Federal Competition and Consumer Protection Commission (FCCPC), both agencies maintain joint surveillance against price-gouging, collusion, under-dispensing and compromised product quality.


The Authority also announced plans to open dedicated feedback and reporting channels through which members of the public and industry stakeholders can report irregular pricing and other exploitative practices for regulatory investigation and enforcement.


While acknowledging the financial pressure caused by the recent rise in petrol prices, the NMDPRA said it remained committed to ensuring energy security, fostering fair competition and protecting consumers within the legal framework of the PIA.

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