FG meets Dangote, oil marketers to ensure fair petrol prices

FG meets Dangote, oil marketers to ensure fair petrol prices

The Federal Government has intensified efforts to ensure Nigerians benefit from falling global crude oil prices by convening a high-level meeting with Dangote Petroleum Refinery, petroleum marketers and regulators to develop a fair and transparent petrol pricing framework.

The stakeholders’ meeting, held on Monday at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, was attended by representatives of Dangote Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), 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 key operators in the downstream petroleum sector.

The meeting was convened amid growing public concern that the recent decline in international crude oil prices has not been reflected in retail petrol prices across the country.

Speaking during the meeting, the Chief Executive Officer of the NMDPRA, Rabiu Umar, said the engagement was held on the directive of the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, to promote cost-reflective, transparent and consumer-friendly pricing of Premium Motor Spirit (PMS) in Nigeria’s deregulated downstream petroleum market.

According to Umar, the regulator is not seeking to impose prices on operators but to facilitate constructive discussions that will balance business sustainability with consumer protection.

“Our objective is not to dictate prices but to collaborate with all stakeholders in finding practical solutions that strengthen the downstream petroleum sector,” he said.

He explained that discussions focused on market surveillance, inventory management, strengthening the National Strategic Stock (NSS) and improving transparency across the fuel supply chain to safeguard Nigeria’s energy security.

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Umar noted that international crude oil prices have declined in recent weeks following the easing of geopolitical tensions, reducing the cost of importing petroleum products and lowering replacement costs.

Despite this development, he observed that petrol pump prices have remained largely unchanged in many parts of the country.

According to him, the regulator considers it necessary to work with refiners, depot operators and marketers to identify the factors responsible for the gap between declining crude oil prices and persistent retail fuel prices.

He emphasised that while deregulation allows operators to recover legitimate business costs and make reasonable profits, consumers should also benefit whenever market conditions reduce the cost of supplying fuel.

Umar further stated that President Bola Tinubu’s administration has laid the foundation for a competitive, investment-driven petroleum industry, stressing that petrol price deregulation should not be used to justify market distortions, anti-competitive practices or unfair pricing.

Also speaking, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, urged all stakeholders to work together in ensuring that fuel prices reflect prevailing market realities.

The minister noted that the prices of petrol and diesel directly influence transportation costs, food prices, manufacturing expenses and the overall cost of living, making fair pricing essential for economic stability.

He stressed that while government remains committed to deregulation, market liberalisation must also deliver tangible benefits to consumers through transparent pricing and healthy competition.

The meeting also examined measures to improve fuel availability nationwide, strengthen market monitoring and accelerate the implementation of the National Strategic Stock (NSS) as part of efforts to guarantee energy security and minimise supply disruptions.

The engagement follows recent concerns raised by the FCCPC, which warned against maintaining high pump prices based on old inventory purchased at previous costs when replacement costs have already declined.

Stakeholders agreed to sustain consultations aimed at building a more transparent and competitive downstream petroleum market that encourages investment while ensuring Nigerians enjoy the benefits of lower international crude oil prices whenever market conditions permit.

The Federal Government expressed optimism that continued collaboration among regulators, refiners and marketers would strengthen confidence in the deregulated petroleum sector and promote fair, competitive and sustainable petrol pricing across Nigeria.

FG meets Dangote, oil marketers to ensure fair petrol prices