FG Meets With Dangote Refinery, Marketers, Pushes For Petrol Price Reduction
Lokpobiri said marketers must pass lower crude costs to consumers as Brent fell from about $118 to below $70 a barrel.
- On Monday, Minister of State for Petroleum Resources Heineken Lokpobiri convened stakeholders in Abuja, demanding that domestic petrol prices reflect the drop in Brent crude from about $118 to below $70 per barrel.
- Over the past six months, Nigeria has navigated global crude market volatility, yet domestic retail prices for Premium Motor Spirit have failed to adjust in line with lower international replacement costs.
- Minister Lokpobiri warned that deregulation does not grant license for what he called "excessive profits," while the Federal Competition and Consumer Protection Commission cautioned that businesses exploiting consumers could face regulatory action.
- The government urged stakeholders, including the Major Energy Marketers Association of Nigeria and Independent Petroleum Marketers Association of Nigeria , to find "common ground" on lowering prices without threatening business viability.
- Because the prices of PMS and Automotive Gas Oil affect all sectors of the Nigerian economy, officials aim to align inventory management and accelerate the National Strategic Stock to protect energy security.
13 Articles
13 Articles
Daily Post Nigeria
The Guardian NigeriaFG insists on fuel price slash at meeting with Dangote Refinery, marketers
The Federal Government has called on marketers to reduce the pump price of petrol to reflect falling crude costs in the international market. The Minister of state for Petroleum Resources (Oil), Heineken Lokpobiri, made the call on Monday at a stakeholders’ meeting with the marketers and other downstream petroleum sector operators. The minister demanded that the sharp drop in Brent crude from about $118 a barrel earlier this year to below $70 mu…
FG Meets With Dangote Refinery, Marketers, Pushes For Petrol Price Reduction
The Federal Government is currently in a closed-door meeting with management of the Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), as it pushes for a fair reduction in the price of Premium Motor Spirit (PMS) or petrol nationwide.Our correspondent reported that the meeting being held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja al…
FG mounts pressure on marketers to cut petrol price
By Obas Esiedesa, Abuja The Federal Government on Monday mounted fresh pressure on petroleum marketers to reduce the pump price of Premium Motor Spirit also known as petrol, insisting that the sharp decline in international crude oil prices should be reflected in retail fuel prices across the country. Speaking at the Stakeholders’ Meeting on Cost-Reflective […] The post FG mounts pressure on marketers to cut petrol price appeared first on Vangua…
FG warns marketers against using old stock to justify high petrol prices
The Federal Government warns petroleum marketers against using old stock to justify high petrol prices, urging them to pass lower replacement costs to cons Read More: https://punchng.com/fg-warns-marketers-against-using-old-stock-to-justify-high-petrol-prices/
Petroleum regulatory authority to ensure cost-reflective pricing of petrol – Umar - EnviroNews - latest environment news, climate change, renewable energy
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it is working with industry stakeholders to ensure that the pump price of Premium Motor Spirit (PMS) reflects prevailing market realities. The Authority Chief Executive, NMDPRA, Mr. Rabiu Umar, made this known at a stakeholders’ meeting on cost-reflective pricing of PMS on Monday, July 6, 2026, in Abuja. NMDPRA Authority’s Chief Executive, Rabiu Umar Umar said th…
NMDPRA to Ensure Cost-Reflective Petrol Pricing, Says Umar
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said it is working with industry stakeholders to ensure that the pump price of Premium Motor Spirit (PMS) reflects prevailing market realities. The Authority Chief Executive, NMDPRA, Mr Rabiu Umar, made this known at a stakeholders’ meeting on cost-reflective pricing of PMS on Monday in Abuja. Umar said the meeting, convened at the directive of the Minister of Stat…
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