FG, Dangote Refinery, petroleum marketers hold talks on cutting petrol prices

The Federal Government on Monday convened a high-level meeting with key players in Nigeria’s downstream petroleum industry to develop a framework for reducing the pump price of Premium Motor Spirit (PMS), as declining global crude oil prices intensify pressure for cheaper fuel across the country.

The stakeholders’ meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, brought together representatives of the Dangote Refinery, Federal Competition and Consumer Protection Commission (FCCPC), Petroleum Products Retail Outlets Owners Association of Nigeria, Independent Petroleum Marketers Association of Nigeria, Major Energy Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association of Nigeria, Nigerian Association of Road Transport Owners, TotalEnergies, Eterna, Matrix Energy and other operators.

The meeting followed a recent directive by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, instructing petroleum marketers to adjust pump prices to reflect the sustained decline in international crude oil prices.

Opening the session, Lokpobiri said the objective was to build consensus among industry stakeholders on ensuring that Nigerian consumers benefit from the moderation in global oil prices.

He emphasized that while the downstream petroleum sector operates under a deregulated regime, market liberalisation should not translate into excessive profiteering.

“Government is committed to protecting the interests of stakeholders, the common man, and the deregulation of the sector,” he said, urging industry participants to adopt transparent and fair pricing practices.

Also speaking, the Chief Executive of the NMDPRA, Rabiu Abdullahi Umar, said the engagement was convened to promote cost-reflective pricing while maintaining stability in the downstream petroleum market.