The Federal Government has begun a closed-door meeting with representatives of the Dangote Refinery, petroleum marketers and key regulators in Abuja as part of efforts to achieve a reduction in petrol prices across Nigeria.
According to Channels Television, the meeting is taking place at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and includes officials from the Federal Competition and Consumer Protection Commission (FCCPC), major marketers, independent marketers, depot operators and transport stakeholders.
Among those attending are representatives of TotalEnergies, Eterna, Matrix Energy, the Major Energy Marketers Association of Nigeria (MEMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the Nigerian Association of Road Transport Owners (NARTO) and other industry players.
The meeting follows recent concerns raised by the FCCPC that reductions in petrol prices have not matched the decline in global crude oil prices. The commission warned that businesses engaging in unfair pricing practices could face regulatory action.
Speaking at the meeting, NMDPRA Chief Executive Rabiu Umar said the engagement was convened on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
Umar noted that international crude oil prices had eased in recent months but said the domestic retail market had yet to reflect the downward trend.
He said the government’s objective was not to impose prices but to work with industry stakeholders to address challenges, improve market surveillance, strengthen inventory management and accelerate the National Strategic Stock initiative to safeguard the country’s energy security.
Lokpobiri reiterated that deregulation should not be used as a justification for excessive profiteering. He urged stakeholders to reach a common understanding on reducing the pump price of Premium Motor Spirit (PMS), noting that petrol and diesel prices have a direct impact on every sector of the Nigerian economy.
The minister maintained that the decline in Brent crude oil prices should be reflected in lower domestic petrol prices and assured stakeholders that the government remained committed to protecting consumers while sustaining the deregulation of the downstream petroleum sector.
The outcome of the meeting is expected to shape the next steps towards possible adjustments in petrol pump prices nationwide.
