In a bid to ensure Nigerians enjoy lower fuel costs, the Federal Government on Monday held a crucial stakeholders’ meeting with Dangote Refinery, regulators, and major oil marketers aimed at achieving fair and significant reductions in the price of Premium Motor Spirit (PMS) across the country.
The high-profile gathering, hosted at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) headquarters in Abuja, brought together Dangote Refinery officials, the Federal Competition and Consumer Protection Commission (FCCPC), Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and representatives from TotalEnergies, Eterna, Matrix Energy, MEMAN, DAPPMAN, IPMAN, DPRP, NARTO, and other industry players.
The meeting follows a strong directive from Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, urging marketers to swiftly cut pump prices in line with the recent drop in global crude oil prices.
Addressing participants, Lokpobiri stressed that deregulation should not lead to profiteering. He pointed out that falling Brent crude prices must be reflected in domestic PMS and AGO costs, as these products influence the entire economy. The minister called for consensus on practical ways to lower prices while safeguarding the interests of both consumers and legitimate operators.
NMDPRA Chief Executive Rabiu Abdullahi Umar explained that the session was convened to promote cost-reflective pricing. He acknowledged the easing of international oil market tensions and urged collaborative solutions on inventory management, market monitoring, and national fuel reserves.
