The newly created Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDR) has warned petroleum marketers at the depots to stop selling petrol above the approved price.
In a statement on Friday, the chief executive officer (CEO), Farouk Ahmed, said the Authority had noticed that petrol was being sold at loading depots to Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) members above the official price.
- Senate fumes as FG budgets N2.1bn for military weapons industry
- PFAN not fighting Pinnick, says Tijani Babangida
He assured the public that the price of petrol had not been changed and that the federal government had no intention of upward adjustment of the price at the moment.
He cautioned marketers against hoarding and engaging in unwholesome practices inimical to the smooth supply of petrol.
Daily Trust reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) recently raised the alarm over a N9 increase in the wholesale price of a little of petrol at the depots, a situation that caused some filling stations not to restock.
The depot owners however said the increase was due to the foreign exchange crisis as they pay part of their charges for buying the fuel in dollars.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
