The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said on Wednesday it has teamed up with the Federal Competition and Consumer Protection Commission (FCCPC) and security agencies to protect consumers and ensure pump prices remain cost‑reflective amid a global fall in crude oil prices.
In a statement signed for the Authority chief executive by George Ene‑Ita, the NMDPRA warned oil marketing companies (OMCs) against price gouging and profiteering. The regulator said depots and retail outlets across the country are under active monitoring and that sanctions will be imposed where evidence of unfair pricing or market manipulation is found.
“NMDPRA is committed to ensuring that pump prices of petroleum products are cost‑reflective in line with the Petroleum Industry Act (2021),” the statement read. It added that the Authority is working “with security agencies and other critical stakeholders, including the FCCPC, to guarantee consumer protection.”
The collaboration, NMDPRA said, aims to secure an adequate and reliable supply of petrol and other petroleum products while protecting motorists and businesses from unjustified price hikes. The regulator did not disclose specific enforcement actions but indicated a readiness to apply regulatory measures against non‑compliant operators.
Industry analysts and consumer groups have in recent months raised concerns about persistent retail prices despite international price softening.
The Authority urged consumers to report suspected incidents of gouging to the relevant agencies and said it will continue to monitor the midstream and downstream sectors closely.
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