The NMDPRA pricing framework was derived from Platts average figures recorded between April 17 and 23, reflecting prevailing global oil market conditions.
Mr Ene-Ita explained that under a deregulated framework, petroleum product prices respond to prevailing market conditions.
The NMDPRA promised to continue closely monitoring the supply situation and taking appropriate regulatory measures to prevent disruptions to supply and distribution.
Distribution fell by 16.54 per cent within the same period.
NMDPRA officials visited over 50 filling stations during the inspection exercise.
The executive director of NMDPRA, Mustapha Lamorde, raised the concern at his meeting with industry stakeholders in Port Harcourt on Wednesday.
“As an authority, we are doing everything within our powers to make sure that there are enough petroleum products in the system to help alleviate the sufferings of commuters.”
“For now, we are on a mission to find out the volume of product being brought into the country,” said the legislators.
“Customers who bought kerosene from the outlet have been warned against using it.”
