The Federal Government on Monday held talks with the Dangote Refinery, petroleum marketers and other key stakeholders as part of efforts to bring down the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
The meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, brought together representatives of regulatory agencies, refinery operators, fuel marketers and transport groups to discuss how recent declines in global crude oil prices can be reflected in domestic fuel prices.
Participants included officials from the Federal Competition and Consumer Protection Commission (FCCPC), the Major Energy Marketers Association of Nigeria (MEMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Nigerian Association of Road Transport Owners (NARTO), TotalEnergies, Eterna, Matrix Energy and other industry players.
The meeting follows growing calls by the government for marketers and refiners to adjust petrol prices in line with falling international crude oil prices.
Speaking at the meeting, the Chief Executive of the NMDPRA, Rabiu Umar, said the gathering was convened on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
He noted that crude oil prices have moderated in recent months after a period of global market uncertainty, but said the expected reduction in retail fuel prices has yet to be fully reflected across the country.
According to Umar, the government is seeking cooperation from stakeholders rather than imposing price controls. He said discussions would focus on issues such as market monitoring, fuel inventory management and measures to strengthen Nigeria’s energy security through initiatives like the National Strategic Stock.
The meeting also comes after the FCCPC expressed concern that reductions in depot and retail fuel prices have not matched the pace of the decline in global crude oil prices. The commission warned that companies engaging in unfair pricing practices could face regulatory sanctions.
Lokpobiri, who addressed participants, urged industry operators to work together to ensure Nigerians benefit from lower crude oil prices through reduced petrol costs. He stressed that while the downstream sector has been deregulated, the policy should not be used to justify excessive profiteering.
The minister added that lower prices for petrol and automotive gas oil would have a positive impact on transportation, businesses and the wider economy, reaffirming the government’s commitment to protecting consumers while maintaining a competitive downstream petroleum market.
