July 6 (THEWILL) — The Federal Government on Monday convened a meeting with Dangote Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and other key players in the downstream petroleum sector to discuss fair pricing of Premium Motor Spirit (PMS).
The stakeholders’ meeting is being held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, following growing concerns over the slow pace of petrol price reductions despite declining global crude oil prices.
The meeting comes days after the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, directed petroleum marketers to adjust pump prices of PMS and other petroleum products in line with falling international oil prices.
Addressing participants, Lokpobiri said the engagement would provide a platform to resolve issues affecting the downstream petroleum sector and identify practical ways to lower fuel prices.
He stressed that while the sector is deregulated, operators must not engage in excessive profiteering.
According to the minister, the decline in Brent crude prices should naturally be reflected in domestic PMS prices.
He reaffirmed the Federal Government’s commitment to protecting consumers, supporting industry stakeholders, and ensuring that deregulation delivers its intended benefits.
The meeting was attended by representatives of TotalEnergies, Eterna, Matrix Energy, MEMAN, DAPPMAN, IPMAN, NARTO, depot operators, retailers, and officials of the NMDPRA.
Speaking at the session, NMDPRA Chief Executive, Rabiu Abdullahi Umar, said the meeting was convened to promote cost-reflective and fair PMS pricing.
He noted that although global crude oil prices have moderated in recent months, domestic retail prices have not adjusted accordingly.
He added that the government’s goal is to work collaboratively with industry players to address market challenges, improve transparency, strengthen market surveillance, and enhance strategic fuel stock management
The meeting later went into a closed-door session.
Separately, the FCCPC warned that refiners, marketers, depot operators, and retailers engaging in unfair pricing practices could face regulatory sanctions, saying recent reductions in petrol prices remain inconsistent with the sharp decline in global crude oil prices.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
