The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says recent increases in petrol pump prices across Nigeria are driven by market forces under the country’s fully deregulated downstream petroleum sector.
George Ene-Ita, the authority’s spokesperson, said this in an interview on Sunday, explaining that fluctuations in fuel prices were determined by supply and demand rather than regulatory interference.
His comments come amid rising global crude oil prices linked to escalating geopolitical tensions in the Middle East.
On Friday, the price of crude surged to about $91 per barrel as the conflict involving the United States, Israel and Iran intensified across the region.
In Nigeria, Petrol Prices rose sharply in Saturday reaching about N1,040 per litre in Lagos and N1,080 per litre in Abuja.
Mr Ene-Ita said under the deregulated regime introduced by the current administration, petroleum product prices are set by prevailing market conditions.
He added that the policy aims to encourage competition, improve efficiency and attract greater investment into the country’s downstream oil and gas sector.
RN