Friday, March 31, 2023



Petrol price hike: FG orders NMDPRA to penalise erring marketers

Petrol price hike: FG orders NMDPRA to penalise erring marketers
February 08
17:25 2023

The federal government says it has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to penalise oil marketers who are fleecing citizens by hiking petrol prices across the country.

Timipre Sylva, minister of state for petroleum resources, spoke on Wednesday while fielding questions from journalists after the federal executive council (FEC) meeting, presided over by President Muhammadu Buhari.

Sylva, corroborating the position of Mahmood Yakubu, chairman of Independent National Electoral Commission (INEC), promised that the distribution challenge caused by the current petrol scarcity would not impede the forthcoming election operations.

He said all hands would be on deck to ensure adequate supply of the commodity.


“This is quite unfortunate, we are not happy at all about what is going on. Every hand is on the deck. As I said earlier, the ministry of petroleum is not in control of all the factors that lead to scarcity in the sense that there are forex issues as well and other issues,” he said.

“But at the moment today, there is supply, but unfortunately, we are experiencing some bottlenecks with the distribution and movement of the product to various destinations for now.

“I want to assure you that everything is being done by the NNPC Limited, NMDPRA, the marketers.


“Everybody’s hands are on deck to ensure that this problem is resolved. To inform you today we had a briefing from INEC and the commission has also engaged NNPC and NNPC has assured INEC that petroleum products supply to INEC will not be a problem. The situation will not likely affect the election at all.”

Sylva also accused oil marketers of profiting from the situation.

He said anyone culpable would be sanctioned.

“We have reports of profiteering by marketers, and I have directed NMDPRA to sanction anybody who profiteers in this kind of situation,” the minister said.


“We cannot stand by and watch our citizens exploited by marketers. But of course, I have given that directive and I do not know if it has not taken effect. 

“I do not know the details of how far that directive has been carried out. But I am going to still further give that directive, if that is still the situation. But definitely, we are not paying a blind eye at all.”

Speaking about the performance of the monitoring agencies under his ministry, Sylva said they could only act in accordance with the dictates of the law. 

“There are laws. You know how these things happen. There are definitely laws and this is a democratic system. Of course, they cannot go against the law themselves,” he said.


“The regulators cannot also go against the law. So, it is only through the processes provided for by law that these regulations can be carried out. 

“So, I will direct NMDPRA further to ensure that nobody profiteers on the citizens off Nigeria.”



Speaking on projects in energy sector, Sylva said the council approved N117 billion for the construction of the Oloibiri Oil and Gas Museum and Research Centre.


“Council has approved a contract for the construction of the Oloibiri Oil Museum and Research Center to Messrs Julius Berger PLC at a cost of N117 billion, with a completion timeframe of 30 months,” he said.

“This project has been on the drawing board for so long. The first time a foundation stone was laid for this project was in the early 1980s by President Shehu Shagari.


“So, this actually is a major milestone, and it is expected to be a major legacy of Mr. President in the Niger Delta.”


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment