The Federal Government has intensified efforts to reduce the pump price of Premium Motor Spirit (PMS), convening a closed-door meeting with the Dangote Refinery, petroleum marketers and other key downstream industry stakeholders to explore ways of ensuring consumers benefit from declining global crude oil prices.
The meeting, held on Monday at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, followed growing public concerns over the slow pace of reductions in petrol prices despite a sustained decline in international crude oil prices.
Industry Stakeholders Meet Over Fuel Pricing
Representatives from the Dangote Refinery joined officials from the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the Federal Competition and Consumer Protection Commission (FCCPC), the Major Energies Marketers Association of Nigeria (MEMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Nigerian Association of Road Transport Owners (NARTO), TotalEnergies, Eterna, Matrix Energy and other downstream operators at the meeting.
Speaking during the session, NMDPRA Chief Executive Rabiu Umar said the engagement was convened on the directive of the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, to review pricing dynamics and ensure Nigerians benefit from improved market conditions.
Government Seeks Relief for Consumers
Umar noted that international crude oil prices have moderated after months of volatility, creating conditions that should ordinarily translate into lower domestic fuel prices.
“Over the past six months, Nigeria has navigated considerable volatility in the international crude oil market. We have witnessed a welcome easing of those tensions, which has driven a downward shift and moderation in global crude oil prices,” he said.
He stressed that the government’s approach was based on dialogue rather than regulation.
“Our objective is not to dictate but to collaborate. We want to engage in an open, transparent and solution-oriented dialogue. We want to hear your challenges, discuss market surveillance, examine inventory management and align on how we can collectively accelerate key mechanisms such as the National Strategic Stock to strengthen Nigeria’s energy security,” Umar added.
FCCPC Raises Concerns Over Slow Price Adjustments
The meeting comes days after the Federal Competition and Consumer Protection Commission (FCCPC) expressed concern over what it described as the slow adjustment of petrol prices despite falling international crude oil prices.
In a statement issued by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission said its market surveillance showed that both depot (gantry) and retail pump prices had not declined in line with movements