The Federal Government has convened a high-level stakeholders’ meeting with the management of the Dangote Refinery, petroleum marketers, and regulators to explore ways of reducing the pump price of Premium Motor Spirit (PMS), popularly known as petrol.
The closed-door meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, brought together key players in the downstream petroleum sector, including 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), as well as representatives of major oil marketing companies.
The meeting comes days after the FCCPC expressed concern over the slow pace of reductions in petrol prices despite a noticeable decline in global crude oil prices.
Addressing stakeholders, 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, to foster dialogue and identify practical solutions that will ensure consumers benefit from prevailing market conditions.
According to Umar, while international crude oil prices have moderated following months of volatility, domestic pump prices have not adjusted proportionately.
He stressed that the government’s objective is not to impose prices but to work collaboratively with industry operators to address challenges related to market surveillance, inventory management, and national energy security.
Earlier, Minister Lokpobiri had directed petroleum marketers to review pump prices downward in line with falling global crude oil prices, insisting that deregulation should not translate into excessive profiteering.
He urged stakeholders to find common ground on pricing, noting that the cost of petrol and diesel has a direct impact on transportation, businesses, and the overall Nigerian economy.
The outcome of the meeting is expected to shape future pricing decisions within the downstream petroleum sector as government intensifies efforts to ensure that reductions in international oil prices are reflected at filling stations nationwide.
