Fuel Pump Prices Determined by Market Forces - NMDPRA
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified that fuel pump prices in the country are determined by market forces and not fixed by the regulator under the Petroleum Industry Act (PIA) 2021.
NMDPRA's Statement
In a statement, the NMDPRA management addressed concerns regarding the recent increase in fuel prices at the pumps.
- The authority stated that Section 205(1) of the PIA empowers it to ensure energy security, foster fair competition, and protect consumers within the legal framework.
- NMDPRA emphasized that it does not fix pump prices nor issue price templates to operators.
- The authority is conducting joint security operations with the Nigeria Customs Service and other relevant security agencies to curb illegal cross-border product diversion and guarantee supply stability.
Public Reporting System
To address consumer complaints regarding irregular pricing and exploitative trade practices, the NMDPRA has established dedicated reporting channels for the public and industry stakeholders.
- The public and industry stakeholders are encouraged to report any concerns regarding pricing and unfair trade practices to the NMDPRA via its dedicated channels.
- The reports will be investigated and enforced as necessary within the confines of the PIA.
<small>Source: Vanguard News — read the original story there.</small>
