The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has disclosed when Nigerians should expect a reduction in Premium Motor Spirit, PMS, pump prices across the country.
George Ene-Ita, the NMDPRA’s Head of Public Affairs in a recent interview said that as local refining gets stronger, fuel prices could become more favorable for consumers.
His comments came on the back of a recent hike in the pump prices of fuel and other petroleum products across the country.
Read Also: D’Tigress Seek Consolation Win Against France After World Cup Exit
It was gathered that the petrol prices had increased significantly in the last two weeks from between N1,210 and N1,275 to between N1,310 and N1,350 per liter following the increase in the ex-depot and gantry prices by depot owners and Dangote Refinery.
Reacting, the NMDPRA spokesperson stated that the country’s petrol pump prices have been fully deregulated.
He attributed the volatility of fuel prices in Nigeria to the state of domestic refining, crude oil sourcing as feedstock, and the time lag between offshore crude oil sourcing and eventual refinery arrival.
When asked when Nigerians could see some relief, he said, “Maybe, when the domestic refining ecosystem gets more robust, competitive and sustainable, the issues around pricing would become clearer and more beneficial to the consumers.”