The Nigerian Midstream and Downstream Petroleum Regulatory Authority has warned oil marketers against profiteering and arbitrary increases in the pump prices of petroleum products.
It insisted that prices must be cost-reflective in line with the provisions of the Petroleum Industry Act 2021.
The warning comes barely two days after the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, at the 2026 NMDPRA General Counsel and Legal Advisers Forum, directed the authority to intensify surveillance across the downstream sector and ensure that Nigerians benefit from the recent decline in global crude oil prices.
The regulator, in a statement issued on Wednesday, by its Head of Media and Public Relations, George Ene-Ita, said it had commenced monitoring activities at depots and retail outlets across the country and would not hesitate to sanction marketers found engaging in price gouging.
The statement, titled, ‘Pump Prices of Petroleum Products Must Be Cost Reflective’, noted that the authority had taken cognisance of the downward movement in international crude prices and was committed to ensuring that the benefits of market realities are reflected in domestic petroleum product prices.
