FG Warns Oil Marketers Against Deregulation Profiteering

The Nigerian government, represented by Heineken Lokpobiri, the Minister of State for Petroleum Resources, has cautioned oil marketers that deregulation should not serve as a platform for profiteering. This statement was made during a legal advisory forum organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja.

Lokpobiri referenced the 2021 Petroleum Industry Act (PIA), which aims to eliminate government intervention in pricing. Concerns have arisen regarding potential exploitation of consumers amid fluctuating fuel prices, particularly following a significant drop in international crude oil prices.

The Federal Competition and Consumer Protection Commission (FCCPC) has warned businesses engaging in unfair pricing practices that they will face sanctions. Rabiu Abdullahi Umar, the Chief Executive of NMDPRA, stressed the importance of regulatory compliance and the establishment of a legal advisory framework to ensure investor confidence and operational clarity in the petroleum sector.

The ongoing Dangote refinery project is expected to alleviate artificial scarcity in the market.