FG Urges Marketers to Ensure Fair Petrol Pricing

The Federal Government of Nigeria, represented by Minister of State for Petroleum, Heineken Lokpobiri, has directed marketers to ensure fair pricing of petrol. This directive came during a stakeholder meeting involving officials from Dangote Petroleum Refinery, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and various associations in the petroleum sector.

The meeting aimed to address the need for price transparency across the supply chain and to ensure that reductions in underlying costs are reflected in retail prices. Despite a drop in crude oil prices, the price of petrol has not decreased correspondingly.

Currently, petrol is sold at approximately N1,100 in Lagos and between N700 to N800 in northern Nigeria. The government emphasized the importance of a competitive market that protects public interest while ensuring that consumers benefit from fair pricing.

Rabiu Umar, the Chief Executive of NMDPRA, reiterated the authority's commitment to addressing market inefficiencies and ensuring that pricing reflects genuine costs.