FG Directs NMDPRA to Ensure Nationwide Petrol Price Cuts

The Federal Government of Nigeria has instructed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to closely monitor fuel prices across the country to prevent exploitation of consumers through arbitrary price increases. This directive was given by Heineken Lokpobiri, the Minister of State for Petroleum Resources, during a forum held in Abuja.

Lokpobiri noted that despite the downstream petroleum sector being fully deregulated, this should not be used as an excuse for unfair pricing. He expressed concern that petrol prices have not yet adjusted downward despite a recent decline in global crude oil prices.

The minister highlighted the importance of ensuring that consumers receive the correct quantity of fuel for the price paid. Rabiu Umar, the Chief Executive Officer of NMDPRA, stated that regulatory compliance is crucial for attracting investment and fostering growth in the petroleum sector.

The article also mentioned ongoing slight adjustments in petrol prices across major depots in Lagos, Port Harcourt, Calabar, and Warri in response to market changes.