NMDPRA Clarifies Fuel Pricing Authority Under PIA 2021
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated that it does not have the authority to set petrol pump prices or issue administrative price templates, as pricing is governed by market forces according to the Petroleum Industry Act (PIA) 2021. Specifically, Section 205(1) of the PIA mandates that wholesale and retail prices of petroleum products be based on unrestricted free-market conditions.
The NMDPRA noted that government intervention in pricing is limited to exceptional circumstances, which have not been declared. The Authority expressed concern over the financial strain on Nigerians due to rising Premium Motor Spirit (PMS) prices and emphasized its commitment to preventing anti-competitive practices and ensuring fair trade.
To enhance supply stability and combat illegal cross-border product diversion, the NMDPRA is collaborating with the Nigeria Customs Service and other security agencies. Additionally, the Authority is establishing public reporting channels for consumers to report irregular pricing or exploitative practices.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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