NMDPRA Responds to Fuel Price Surge, Opens Reporting Channels
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) clarified that it does not fix petrol pump prices under the Petroleum Industry Act (PIA) 2021, following concerns from the Nigeria Labour Congress (NLC) about rising fuel prices. NLC President Joe Ajaero reported petrol prices reaching approximately N1,430 per litre in major cities.
The NLC urged the federal government to implement measures to alleviate the financial burden on citizens, including wage awards and enhanced fuel storage. The NMDPRA acknowledged the economic strain but stated that prices are determined by free market conditions, with government intervention limited to cases of declared market failure, which has not occurred.
The authority is taking steps to protect consumers, including joint surveillance with the Nigeria Customs Service against illegal practices. It has opened channels for public reporting of irregular pricing and is committed to ensuring energy security and fair competition.
Plus234Feed summary based on reporting from Leadership Newspaper. Read the original report below.
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