The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has revealed when Nigerians can expect lower Premium Motor Spirit, PMS, pump prices nationwide.
George Ene-Ita, Head of Public Affairs at the NMDPRA, said in a recent interview that fuel prices could become more favourable to consumers when domestic refining becomes more robust.
His comments came amid a recent increase in the pump prices of fuel and other petroleum products nationwide.
DAILY POST reports that in the past two weeks, petrol prices have surged significantly to between N1,310 and N1,350 per litre from between N1,210 and N1,275, after depot owners and Dangote Refinery raised their ex-depot and gantry prices.
Reacting, the NMDPRA spokesperson maintained that the country’s petrol pump prices have been completely deregulated.
According to him, factors including the state of domestic refining, the sourcing of crude oil as feedstock and the time lag between when crude oil is sourced offshore and when it eventually arrives at the refinery contribute to fuel price volatility in Nigeria.
Speaking on when Nigerians could get some respite, he said, “Perhaps when the domestic refining ecosystem becomes more robust, competitive and sustainable, the issues regarding pricing will become clearer and more beneficial to consumers.”