NMDPRA Explains Causes of Petrol Price Volatility

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has explained that the persistent volatility in petrol prices is due to several factors, including crude oil sourcing, single-source domestic refining, and logistics and transportation costs. George Ene-Ita, the Head of Public Affairs at NMDPRA, made these statements during an interview with the News Agency of Nigeria (NAN) on Sunday, September 6, 2026, in Abuja.

He noted that the continuous increase in petrol prices is complex, as they are fully deregulated and thus subject to market volatility. Ene-Ita elaborated that the costs associated with sourcing crude oil and the time lag between procurement and refinery arrival are significant in product pricing.

He also mentioned that marine and inland taxes related to the movement and supply of petroleum products contribute to pricing. Furthermore, he indicated that a more competitive domestic refining ecosystem could lead to clearer pricing for consumers.

NMDPRA is working with stakeholders and agencies like the FCCPC to achieve price equilibrium.