The Federal Government has commenced a closed-door meeting with the management of the Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) as part of efforts to achieve a fair reduction in the pump price of Premium Motor Spirit (PMS), also known as petrol.
The meeting, taking place at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, is also attended by the Federal Competition and Consumer Protection Commission (FCCPC) and other key stakeholders in the downstream petroleum sector.
Also present are representatives of TotalEnergies, Eterna, Matrix Energy, the Depot and Petroleum Products Retailers Association of Nigeria (DPRP), the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Nigerian Association of Road Transport Owners (NARTO) and officials of the NMDPRA.
The meeting follows concerns raised by the FCCPC over what it described as the slow pace of reductions in petrol prices despite the significant drop in global crude oil prices.
The Commission had warned that refiners, marketers, depot operators and retailers found exploiting consumers through unfair pricing practices could face regulatory sanctions.
Speaking at the meeting, the Chief Executive of the NMDPRA, Rabiu Umar, said the engagement was convened on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
Umar noted that while global crude oil prices have moderated in recent months following reduced market volatility, domestic petrol prices have not adjusted accordingly.
He stressed that the regulator was not seeking to dictate prices but to work collaboratively with industry players to address challenges affecting price adjustments.
According to him, the discussions will focus on market surveillance, inventory management and strengthening mechanisms such as the National Strategic Stock (NSS) to safeguard Nigeria’s energy security.
Lokpobiri, who addressed participants at the meeting, urged stakeholders to reach a common understanding on reducing petrol prices, noting that the cost of PMS and Automotive Gas Oil (diesel) has a direct impact on every sector of the Nigerian economy.
The minister maintained that deregulation should not be interpreted as an opportunity for excessive profiteering, insisting that the recent decline in Brent crude oil prices should be reflected in lower pump prices.
He reaffirmed the Federal Government’s commitment to protecting consumers, supporting stakeholders and ensuring that the benefits of deregulation are passed on to Nigerians.