FG Warns Oil Marketers Against Profiteering in Abuja

During the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Legal Advisers’ Forum in Abuja, Heineken Lokpobiri, the Minister of State for Petroleum Resources, cautioned oil marketers against profiteering in the deregulated petroleum market. He stressed that the Federal Government will not permit deregulation to become a license for excessive profits at the expense of Nigerian consumers.

Lokpobiri expressed concern that despite the de-escalation of tensions involving Iran and the United States, retail prices of petroleum products, particularly Premium Motor Spirit (PMS), have not reflected the corresponding reductions in international crude oil prices. He emphasized the government's commitment to a market-driven downstream sector while retaining its statutory responsibilities to ensure consumer protection and compliance with the Petroleum Industry Act (PIA).

Lokpobiri noted that the regulatory framework must attract long-term investments and that legal advisers should play a strategic role in promoting responsible investment within the sector.