The Federal Government has set July 23 and 24, 2025, for a major meeting with key players in the downstream oil sector to address growing concerns over petrol pricing and supply. The summit, which will be hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), aims to find solutions to recent instability in the fuel market.
Announcing the event during the Nigeria Oil and Gas Energy Week in Abuja, NMDPRA’s Executive Director, Francis Ogaree, said the forum will involve marketers, refiners, and regulators. They will discuss fuel pricing standards, crude oil supply, and how to build a more reliable and stable pricing system following the removal of fuel subsidies.
The move comes after independent marketers raised concerns about unpredictable petrol price changes—especially the sudden price drops from Dangote Refinery, which affected retailers who had purchased at higher rates.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, stressed the need for fair pricing practices and transparency, calling for a system that cushions the impact of fluctuations on businesses.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) also criticised the current pricing system, accusing marketers of overcharging Nigerians and suggesting that pump prices should be between N700 and N750 per litre.
Ogaree acknowledged these issues and said the NMDPRA is working on standardising fuel prices and boosting local refining. He revealed that Nigeria now has 10 operational or nearly operational refineries—including the Dangote Refinery, three NNPC plants, and six modular refineries.
He warned, however, that these refineries will require over 1 million barrels of crude oil daily, and Nigeria must increase its production to meet this demand, especially as more refineries are expected to launch operations by 2026. So far, 47 refining licenses have been issued, and the success of these projects depends on the availability of crude oil feedstock.
