FG, Dangote Refinery, Oil Marketers Meet to Push for Nationwide Fuel Price Reduction
The Federal Government has intensified efforts to reduce the pump price of Premium Motor Spirit (PMS) by convening a high-level meeting with the Dangote Refinery, regulators, and key stakeholders in Nigeria's downstream petroleum sector.
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), Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), TotalEnergies, Eterna Plc, Matrix Energy, Major Energies Marketers Association of Nigeria (MEMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Nigerian Association of Road Transport Owners (NARTO), and other industry players.
The engagement followed recent directives by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who urged fuel marketers to reflect the decline in global crude oil prices by lowering retail petrol prices.
Speaking at the meeting, Lokpobiri said the deregulated market should deliver benefits to consumers rather than encourage excessive profiteering. He noted that the decline in Brent crude prices should translate into lower domestic prices for petrol and automotive gas oil (diesel), given their impact on the nation's economy.
The Chief Executive Officer of the NMDPRA, Rabiu Abdullahi Umar, said the meeting was convened to promote cost-reflective fuel pricing. He also called for stronger collaboration among stakeholders on inventory management, market monitoring, and maintaining adequate national fuel reserves as global oil market pressures continue to ease.
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