𝐅𝐆 𝐃𝐢𝐫𝐞𝐜𝐭𝐬 𝐏𝐞𝐭𝐫𝐨𝐥𝐞𝐮𝐦 𝐌𝐚𝐫𝐤𝐞𝐭𝐞𝐫𝐬 𝐭𝐨 𝐑𝐞𝐝𝐮𝐜𝐞 𝐏𝐌𝐒 𝐏𝐫𝐢𝐜𝐞𝐬 𝐚𝐬 𝐆𝐥𝐨𝐛𝐚𝐥 𝐎𝐢𝐥 𝐏𝐫𝐢𝐜𝐞𝐬 𝐃𝐞𝐜𝐥𝐢𝐧𝐞

The Federal Government has directed petroleum marketers to immediately reflect the recent decline in global crude oil prices by reducing the pump prices of Premium Motor Spirit (PMS), popularly known as petrol, and other petroleum products.

The directive was issued on Monday by the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, during the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum held in Abuja.

Speaking at the forum, themed “Beyond Compliance: Certainty and Investment Confidence in Nigeria’s Petroleum Sector,” Lokpobiri said the easing of geopolitical tensions involving Iran and the United States had led to a decline in global oil prices, which should be reflected in domestic fuel prices.

He expressed concern that despite the drop in international prices, many marketers had yet to adjust pump prices, warning against taking undue advantage of Nigeria’s deregulated petroleum market.

While acknowledging that market forces would eventually determine prices under the deregulation policy, the minister stressed that operators must not exploit consumers for excessive profits.

He noted that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has a statutory responsibility under the Petroleum Industry Act (PIA) 2021 to ensure that deregulation does not become a platform for profiteering.

Lokpobiri urged regulators to move beyond enforcing compliance and focus on providing a transparent, predictable and investor-friendly regulatory environment capable of attracting long-term investments into the petroleum sector.

He credited President Bola Ahmed Tinubu’s fuel subsidy removal and deregulation policy with encouraging investments in domestic refining, particularly the operationalisation of the Dangote Refinery and other ongoing refinery projects, while eliminating the recurring fuel scarcity that previously plagued the country.

The minister also emphasised consumer protection, insisting that Nigerians must receive the exact quantity of fuel they pay for at filling stations.

According to him, legal advisers in the petroleum industry have a critical role to play in strengthening regulatory certainty, improving policy implementation and supporting sustainable investment in Nigeria’s evolving oil and gas sector.

Lokpobiri expressed confidence that recommendations from the forum would further enhance governance, regulatory certainty and investor confidence across the country’s petroleum industry.

Source: NAN