The Federal Government has intensified efforts to push down petrol prices across Nigeria, holding a crucial closed-door meeting with the management of Dangote Refinery, petroleum marketers, and key players in the downstream oil sector.
The meeting has raised expectations among motorists and businesses that a reduction in the pump price of Premium Motor Spirit (PMS) could soon be announced.
Many Nigerians have been waiting for fuel prices to reflect the steady drop in global crude oil prices.
The petrol price reduction discussion comes at a time when international oil prices have continued to fall.
However, local pump prices have remained largely unchanged. Therefore, the Federal Government is seeking a common ground with industry stakeholders to ensure consumers enjoy the benefits of lower global crude prices.
The meeting was held on Monday at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja. It brought together officials from the NMDPRA, the Federal Competition and Consumer Protection Commission (FCCPC), Dangote Refinery, and several major downstream operators.
Representatives from TotalEnergies, Matrix Energy, Eterna, 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), and other industry groups also attended the meeting.
Meanwhile, the engagement followed growing concerns by the FCCPC over what it described as the slow response of petrol prices despite falling crude oil costs. The commission had earlier warned that companies engaging in unfair pricing practices could face regulatory action.
Speaking during the meeting, the Chief Executive of the NMDPRA, Rabiu Umar, explained that the gathering was held on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
He noted that the global oil market has become more stable after months of uncertainty.
“We have witnessed a welcome easing of those tensions, which has driven a downward shift and moderation in global crude oil prices,” Umar said.
However, he pointed out that local fuel prices have not adjusted in line with international trends.
“Despite these positive signals, the domestic retail market has yet to adjust harmoniously to the downward shifts.”
Furthermore, Umar stressed that the government was not planning to fix petrol prices but wanted to work closely with marketers and refiners to achieve fair pricing for Nigerians.
“We want to engage in an open, transparent, and solution-oriented dialogue. We want to hear your challenges, discuss market surveillance, look into inventory management, and align on how we can collectively accelerate key mechanisms like the National Strategic Stock to protect our national energy security,” he added.
In addition, Minister Lokpobiri recently directed petroleum marketers to review pump prices following the decline in global crude oil prices. According to him, deregulation should not become an excuse for excessive profit at the expense of ordinary Nigerians.
He maintained that the steady fall in Brent crude prices leaves little reason for petrol prices to remain at current levels.
“Government is committed to protecting the interests of stakeholders, the common man, and the deregulation of the sector,” the minister said.
Moreover, the discussions focused on market conditions, fuel supply, inventory management, and strategies that could support a stable and affordable pricing system nationwide.
Although no official decision had been announced as of the time of filing this report, expectations remain high that marketers and refiners may soon introduce fresh reductions if an agreement is reached.
