The Federal Government has intensified efforts to bring down the pump price of Premium Motor Spirit (PMS), insisting that petrol prices should reflect the sharp decline in global crude oil prices.

At a high-level stakeholders’ meeting convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja on Monday, the government urged oil marketers to align domestic fuel prices with prevailing international market realities.

The meeting, attended by regulators, oil marketers, Dangote Refinery and key players in the downstream sector, focused on developing measures to reduce the cost of petrol without undermining investments in the industry.

Speaking before the closed-door session, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the government was committed to engaging operators through dialogue rather than imposing price controls.

“It is important that we have an open and frank discussion on how we can reduce fuel prices without negatively affecting investors, while ensuring that Nigerians benefit from current market realities,” the minister said.

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Lokpobiri noted that marketers raised pump prices when crude oil climbed to about $118 per barrel and argued that with Brent crude now trading below $70 per barrel, consumers should also enjoy the benefits of lower international prices.

He stressed that while the downstream sector has been deregulated, the Petroleum Industry Act (PIA) empowers the government to promote fair pricing and protect consumers from exploitative practices.

The Chief Executive of NMDPRA, Rabiu Umar, said the meeting was convened to address the disconnect between falling global crude oil prices and the relatively high retail price of petrol in Nigeria.

According to him, international oil prices have moderated following the easing of geopolitical tensions, but the reduction has yet to be fully reflected at filling stations nationwide.

He cited the recent decline in the price of Liquefied Petroleum Gas (LPG) as proof that constructive engagement between regulators and industry operators can deliver positive outcomes for consumers.

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IPMAN Promises Further Price Cuts

President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Elijah Shettima, assured Nigerians that petrol prices would continue to decline as procurement costs fall.

He said the association’s immediate priority is securing direct access to products from Dangote Refinery, describing the arrangement as a major step towards improving supply and lowering pump prices.

“Our major concern is to ensure that independent marketers can buy products directly from Dangote Refinery. If importation becomes necessary, marketers should also be allowed to import independently,” he said.

Shettima urged the Federal Government to sustain support for local refining, arguing that expanding domestic refining capacity remains the most effective path to stable and affordable fuel prices.

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He disclosed that independent marketers have already reduced petrol prices by about N125 per litre nationwide and pledged to implement further reductions as procurement costs continue to decline.

“We are ready to reduce prices as long as we can maintain reasonable margins and remain profitable. Our goal is to make fuel more affordable for Nigerians,” he said.

On the possibility of petrol selling for N900 per litre or lower, Shettima said it would depend largely on depot prices.

“If our purchase price continues to fall, we will reduce pump prices accordingly. Under favourable market conditions, petrol could even sell below N800 per litre,” he added.

The meeting was attended by representatives of Dangote Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), the Major Energies Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Nigerian Association of Road Transport Owners (NARTO), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and other stakeholders in the downstream petroleum industry.