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The Federal Government on Monday convened a meeting with Dangote Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), and major petroleum marketers to address the persistent gap between falling global crude oil prices and high domestic pump prices of Premium Motor Spirit (PMS).
Held at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) headquarters in Abuja, the session brought together stakeholders including TotalEnergies, Eterna, Matrix Energy, MEMAN, DAPPMAN, IPMAN, PETROAN, DPRP, and NARTO.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stressed that deregulation should not translate into excessive profiteering.
“Since Brent crude prices have declined, there is no justification for PMS prices not to reflect the reduction,” he said.
“When Brent crude was over $118 per barrel, prices rose quickly. Now that crude has dropped to around $71, why has petrol not come down correspondingly?” he further questioned.
Independent Petroleum Marketers Association of Nigeria (IPMAN) President, Abubakar Maigandi, urged the government to restore importation rights to independent marketers, arguing that increased competition could push pump prices below ₦800 per litre.
“We are prepared to reduce the price to even below ₦800 per litre… It depends on how we buy from depot owners and the Dangote refinery,” he stated.
He added that marketers had already reduced prices nationwide by ₦125 per litre, noting that direct access to Dangote’s output was a positive step toward lowering costs.
NMDPRA Chief Executive, Rabiu Abdullahi Umar, explained that the meeting was aimed at ensuring cost-reflective and fair pricing.
“We want to engage in an open, transparent, and solution-oriented dialogue… and align on mechanisms like the National Strategic Stock to protect energy security,” he said.
He pointed to recent reductions in domestic gas prices after similar engagements, expressing optimism that petrol prices could follow the same path.
The FCCPC warned refiners, depot operators, and retailers against unfair pricing practices, cautioning that regulatory action could follow if pump prices fail to adjust in line with global market trends.
Discussions also touched on operationalising the National Strategic Stock to safeguard energy security and moderate future price shocks.
The closed-door session continues, with expectations that concrete steps will emerge to align domestic fuel prices with international realities.
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