The Federal Government is set to meet refiners, depot owners, petroleum marketers, and retailers on Tuesday as pressure mounts for a reduction in petrol prices.
The meeting, convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), will focus on competitive pricing and consumer protection under the Petroleum Industry Act and the Federal Competition and Consumer Protection Act.
The development follows an N25-per-liter reduction in Dangote Refinery’s petrol gantry price, from N1,350 to N1,325, after international crude prices fell by more than three percent.
Petrol prices had recently climbed to about N1,400–N1,450 per litre in Abuja and other parts of the country. Reuters reported that pump prices had reached around N1,400 in Lagos and Abuja, with some northern states recording prices of up to N1,500.
The latest Dangote reduction has increased expectations that marketers could review their pump prices, although the NMDPRA has stressed that petrol prices are determined by market forces and are not fixed by the regulator.
PETROAN National President Billy Gillis-Harry said stakeholders would consider the interests of consumers at Tuesday’s meeting but ruled out the possibility of petrol selling for N500 per litre under current market conditions.
He said retailers had to account for their purchase costs, transportation, logistics, and other operating expenses.
Civil servants under the Joint National Public Service Negotiating Council had recently asked President Bola Tinubu to either reduce petrol to N500 per litre or raise the minimum wage to N500,000.
Meanwhile, the NMDPRA has said it will continue monitoring the market for anti-competitive practices and price exploitation while allowing market forces to determine pump prices.
