The Federal Government has directed petroleum marketers to reduce the pump price of petrol in line with the recent drop in global crude oil prices.
Minister of State for Petroleum Resources, Heineken Lokpobiri, gave the directive on Monday at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) legal forum in Abuja.
He said easing geopolitical tensions in the Middle East, particularly between Iran and the United States, had led to a decline in global oil prices, which should translate to lower fuel costs locally.
Lokpobiri expressed concern that the expected price reduction has not been reflected at filling stations, warning marketers against exploiting the deregulated market to make excessive profits.
Recent data shows petrol production and import costs have dropped significantly following the fall in crude prices, yet retail prices remain high.
The minister stressed that while Nigeria operates a deregulated petroleum market, regulators must ensure fairness and prevent profiteering in line with the Petroleum Industry Act (PIA 2021).
He also called for stronger regulatory clarity and consistency to boost investor confidence, noting that Nigeria’s petroleum sector is entering a new phase driven by increased local refining capacity and private sector participation.
Lokpobiri added that consumers must receive value for money, insisting that fuel stations dispense accurate quantities for every liter purchased.
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