The Federal Government on Monday held a meeting with Dangote Refinery, petroleum marketers, regulators and other industry stakeholders to discuss fair and cost-reflective pricing of Premium Motor Spirit (PMS) across Nigeria.
The stakeholders’ meeting, convened at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, comes days after the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, urged marketers to reduce pump prices in line with the recent decline in global crude oil prices.
Key industry stakeholders attend meeting
The meeting brought together representatives of the Federal Competition and Consumer Protection Commission (FCCPC), Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Major Energy Marketers Association of Nigeria (MEMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Nigerian Association of Road Transport Owners (NARTO) and other operators in the downstream petroleum sector.
Officials from TotalEnergies, Eterna, Matrix Energy and the NMDPRA also attended the engagement.
Lokpobiri calls for lower fuel prices
Speaking at the opening session, Lokpobiri said the engagement was aimed at finding common ground on issues affecting the downstream petroleum industry.
He urged stakeholders to work together to ensure that falling international crude oil prices are reflected in domestic petrol prices.
According to the minister, deregulation of the petroleum sector should not translate into excessive profiteering.
“Government is committed to protecting the interests of stakeholders, the common man, and the deregulation of the sector,” he said.
NMDPRA seeks collaborative approach
The Chief Executive of the NMDPRA, Rabiu Abdullahi Umar, said the meeting was convened at the minister’s directive to promote fair and cost-reflective pricing of PMS.
He noted that international crude oil prices had moderated in recent months but said the domestic retail market had yet to fully reflect the downward trend.
Umar said the regulator was seeking collaboration rather than imposing prices.
“We want to engage in an open, transparent and solution-oriented dialogue. We want to hear your challenges, discuss market surveillance, look into inventory management, and align on how we can collectively accelerate key mechanisms like the National Strategic Stock to protect our national energy security.”
Closed-door session underway
Following the opening remarks, journalists were asked to leave the venue as stakeholders proceeded into a closed-door meeting.
The meeting was still ongoing at the time this report was filed….See More
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