The Federal Government has called on petroleum marketers to reduce petrol prices in line with declining global crude oil prices, insisting that consumers should benefit from lower fuel procurement costs.
The appeal was made during a stakeholders’ meeting on cost-reflective pricing of Premium Motor Spirit (PMS) held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja.
Speaking at the meeting, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said marketers should not rely on profits from previously acquired fuel stocks to justify maintaining high pump prices.
According to him, reductions in replacement costs should be reflected in both ex-depot and retail prices as inventories are replenished at lower rates.
Lokpobiri acknowledged that factors such as exchange rates, logistics and supply chain costs influence fuel pricing but stressed that deregulation should not be used as a basis for excessive profiteering.
He warned that keeping fuel prices artificially high could worsen inflation and affect economic recovery efforts.
The minister directed the NMDPRA to strengthen market surveillance and ensure transparency across the downstream petroleum sector.
Also speaking, NMDPRA Chief Executive, Rabiu Umar, said the meeting was convened to address concerns over the gap between falling crude oil prices and sustained domestic petrol prices.
He noted that the objective was not to fix prices but to engage stakeholders on practical solutions that would protect consumers while ensuring business sustainability.
Participants at the meeting included representatives of major marketers, refinery operators and industry associations.
The Federal Government reiterated its commitment to a deregulated petroleum market while emphasizing the need for fairness, transparency and consumer protection.
