The Federal Government has intensified efforts to reduce the cost of Premium Motor Spirit (PMS), commonly known as petrol, by convening a high-level stakeholders’ meeting with Dangote Refinery, regulators, and key operators in Nigeria’s downstream petroleum sector.
The strategic meeting, held on Monday at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, focused on developing practical measures to ensure that recent declines in global crude oil prices translate into lower petrol prices for Nigerian consumers.
Participants at the meeting included officials of Dangote Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and representatives of major downstream operators, including TotalEnergies, Eterna Plc, Matrix Energy, the Major Energies Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Directorate of Petroleum Resources Pensioners (DPRP), the Nigerian Association of Road Transport Owners (NARTO), among other industry stakeholders.
The engagement followed a recent directive by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who urged petroleum marketers to adjust pump prices in line with the sustained decline in international crude oil prices.
Speaking during the meeting, Lokpobiri emphasized that Nigeria’s deregulated petroleum market should operate transparently and fairly, rather than allowing excessive profiteering. According to him, reductions in Brent crude oil prices should be reflected in the retail prices of petrol (PMS) and Automotive Gas Oil (AGO), commonly known as diesel, since fuel costs have a direct impact on transportation, food prices, manufacturing, and the broader economy.
The minister called on all stakeholders to work together in developing practical solutions that would guarantee affordable fuel for Nigerians while ensuring that legitimate operators remain commercially viable.
Also addressing participants, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Abdullahi Umar, said the meeting was convened to promote a more efficient and cost-reflective pricing system within the downstream petroleum industry.
He noted that easing tensions in the international oil market have created favourable conditions for lower fuel prices and stressed the need for stronger collaboration among industry players. Umar identified inventory management, effective market monitoring, and maintaining adequate national fuel reserves as critical areas requiring coordinated action to ensure pricing stability and uninterrupted product supply.
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The stakeholders’ engagement reflects the Federal Government’s renewed commitment to ensuring that the benefits of lower global oil prices are passed on to Nigerians through more affordable petrol prices while maintaining stability and competitiveness within the country’s downstream petroleum sector.
