The Federal Government has met with the management of the Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), as part of efforts to push for a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, nationwide.
The meeting had representatives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Federal Competition and Consumer Protection Commission (FCCPC), and other key stakeholders in the oil and gas sector in attendance.
Also present are executives from major industry players, including TotalEnergies, Eterna, Matrix Energy, Depot and Petroleum Products Retailers Association of Nigeria (DPRP), Major Energy Marketers Association of Nigeria (MEMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Nigerian Association of Road Transport Owners (NARTO), alongside senior officials of the NMDPRA.
The meeting follows concerns raised by the FCCPC over the slow pace of petrol price reductions across the downstream sector, despite a notable decline in global crude oil prices in recent weeks. The commission had warned that companies found engaging in unfair pricing practices could face regulatory sanctions.
Speaking at the session, the Authority Chief Executive of the NMDPRA, Farouk Ahmed, said the meeting was convened on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
He noted that the global oil market had experienced significant volatility in the past six months but had recently shown signs of easing, leading to a downward trend in crude oil prices.
According to him, despite these global developments, adjustments in the domestic fuel retail market have not reflected the same level of decline.
He added that the engagement was aimed at addressing challenges in the downstream petroleum sector and finding a consensus on price adjustments.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, in his remarks, urged stakeholders to reach a common understanding on reducing petrol prices, stressing that fuel costs have a direct impact on all sectors of the economy.
He maintained that deregulation does not justify excessive profiteering, adding that the recent decline in Brent crude prices should be reflected in the pump price of PMS and Automotive Gas Oil (AGO) across the country.
