FG Warns Marketers Against High Petrol Prices Justifications

The Federal Government of Nigeria, represented by Minister of State for Petroleum Resources Heineken Lokpobiri, has cautioned fuel marketers against using outdated stock excuses to maintain elevated petrol prices. During a meeting at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) headquarters in Abuja, Lokpobiri highlighted that several factors influence retail petrol prices beyond crude oil costs.

He noted that while crude oil prices have fluctuated, the retail prices have not adjusted accordingly, with petrol prices peaking at N1,596 per liter in May and currently selling around N1,296 per liter. The minister praised reforms introduced by President Bola Tinubu, including the removal of fuel subsidies, which aim to strengthen competition in the downstream petroleum industry.

He urged NMDPRA to intensify market monitoring to ensure transparency in fuel pricing and to address public concerns regarding petrol prices despite declines in international markets. Lokpobiri also called for the operationalization of a national strategic stock to enhance energy security and mitigate future price volatility.