The Federal Government has intensified pressure on oil marketers to reduce petrol prices, following growing concerns that Nigerians are not benefiting from the recent decline in global crude oil prices. Speaking after a high-level meeting with industry stakeholders in Abuja, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, revealed that marketers have acknowledged the government’s concerns and promised to explore measures that could help lower the cost of Premium Motor Spirit (PMS) across the country.
Lokpobiri questioned why petrol prices rose swiftly when international crude oil prices surged but have remained relatively high despite a significant drop in the global market. According to the minister, the government believes current pump prices are not fully reflective of prevailing crude oil costs, a situation that continues to place financial pressure on millions of Nigerians already grappling with rising living expenses. He stressed that while the downstream petroleum sector remains deregulated, operators must ensure that market realities are fairly reflected in pricing.
The meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), brought together major players in the petroleum industry, including Dangote Refinery, MEMAN, PETROAN, DAPPMAN, IPMAN, NARTO, TotalEnergies, Matrix Energy, Eterna, and representatives of key regulatory agencies. Discussions focused on finding practical solutions that could reduce fuel costs while maintaining a stable and competitive market environment for both consumers and operators.
Government officials used the engagement to emphasize that deregulation should not become an avenue for excessive profiteering. Lokpobiri urged stakeholders to develop a consensus-driven strategy that balances business sustainability with consumer protection. NMDPRA Chief Executive Rabiu Abdullahi Umar also called for stronger collaboration among operators in areas such as inventory management, market monitoring, and the maintenance of strategic fuel reserves to improve pricing efficiency.
The renewed push comes amid mounting public scrutiny over fuel pricing trends. Earlier, the Federal Competition and Consumer Protection Commission (FCCPC) raised concerns that recent reductions in petrol prices have been too slow and insufficient compared to the sharp decline in international crude oil prices. With Nigerians eagerly awaiting relief at the pumps, the latest discussions signal the government’s determination to ensure that lower global oil prices translate into more affordable fuel and meaningful economic relief for households and businesses nationwide.
source: nairametrics