FG Reiterates Commitment to Reducing Fuel Prices

On Monday in Abuja, Heineken Lokpobiri, the Minister of State for Petroleum Resources, called for a reduction in fuel prices, emphasizing the need for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure that domestic pump prices reflect the decline in global crude oil prices. The meeting included various stakeholders in the oil market, where Lokpobiri urged the NMDPRA to strengthen market surveillance and enforce price transparency across the supply chain.

He highlighted the significant volatility in the international crude oil market over the past six months, with Brent crude prices fluctuating between $61.65 per barrel in January to $118 per barrel in April, and recently dropping to $71 per barrel. The minister stressed the importance of the National Strategic Stock (NSS) in enhancing energy security and mitigating supply disruptions.

He also noted that while crude prices have moderated, this has not been reflected in domestic pump prices, which peaked at N596 per liter in May and dropped to N296 per liter recently. The meeting included representatives from major energy market associations in Nigeria.