ABUJA — The Federal Government has warned petroleum marketers against profiteering and called for an immediate reduction in pump prices, amid growing public frustration over fuel costs.
What the FG said
The government said current margins being charged by some marketers are “unjustifiable” given recent developments in supply and distribution. It urged depot owners and filling stations to reflect market realities and avoid actions that worsen hardship for Nigerians.
Officials stressed that government is working to stabilize supply and improve distribution networks. They warned that regulatory agencies will step up monitoring and sanctions against any operator found hoarding or arbitrarily hiking prices.
Market context
The warning comes as transport and food costs remain high, with many Nigerians still adjusting to deregulated fuel pricing. Last week, the Nigerian stock market saw heavy selloffs, with investors losing over ₦2.4 trillion amid broader economic concerns.
The three tiers of government received about ₦53.3 trillion from FAAC over the past three years, but states and citizens continue to feel pressure from inflation and cost of living.
What happens next
The FG said it will engage with the Major Oil Marketers Association of Nigeria, MOMAN, and the Independent Petroleum Marketers Association of Nigeria, IPMAN, to ensure compliance. The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, is expected to begin market surveillance this week.
Marketers have not formally responded as of press time. Analysts say any price reduction would depend on forex stability, landing costs, and distribution margins.
BVI channel one
