The Federal Government has convened a meeting with Dangote Refinery, petroleum marketers and industry regulators to ensure that the recent decline in global crude oil prices is reflected in the pump price of Premium Motor Spirit (PMS), popularly known as petrol.
The meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, brought together representatives of the Federal Competition and Consumer Protection Commission (FCCPC), Dangote Refinery, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the Independent Petroleum
Marketers Association of Nigeria (IPMAN), the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Nigerian Association of Road Transport Owners (NARTO), and other stakeholders in the downstream petroleum sector.
Speaking on Monday at the opening of the meeting, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the engagement was aimed at ensuring Nigerians benefit from the easing of global crude oil prices through fair and competitive petrol pricing.
He stressed that although the downstream sector is fully deregulated, market liberalisation should not encourage excessive profiteering at the expense of consumers.
The Authority Chief Executive of the NMDPRA, Rabiu Umar, said the meeting was convened on the directive of the minister to foster dialogue among stakeholders on achieving cost-reflective and equitable pricing. He noted that despite the moderation in international crude oil prices, domestic retail fuel prices had not adjusted accordingly.
Umar explained that the government was not seeking to fix petrol prices but to encourage transparency, improve market efficiency and strengthen energy security through initiatives such as enhanced market surveillance, better inventory management and the National Strategic Stock programme.
He expressed optimism that the engagement would promote greater collaboration among industry players and lead to outcomes that would benefit both operators and consumers.
After the opening session, participants proceeded into a closed-door meeting to deliberate on measures aimed at promoting fair, competitive and sustainable petrol pricing across the country.
The meeting comes amid renewed calls for marketers to adjust pump prices in line with falling global oil prices, with the Federal Government reiterating its commitment to protecting consumers while maintaining a competitive and efficient downstream petroleum market.