FG to Discuss Rising Petrol Prices with Industry Stakeholders

The Federal Government is scheduled to meet with refiners, depot owners, fuel marketers, and retailers on Tuesday to discuss the rising prices of petrol, which have reached between ₦1,395 and ₦1,450 per litre in Abuja and other regions. This meeting, announced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) through its spokesperson George Ita-Ene, aims to establish competitive pricing and safeguard consumers from adverse effects in the downstream petroleum sector.

This consultation aligns with the Petroleum Industry Act and the Federal Competition and Consumer Protection Act. The meeting follows a recent decline in global crude oil prices, with Brent and WTI crude dropping over three percent.

In response, Dangote Refinery has reduced its gantry price by ₦25 per litre to ₦1,325. Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), indicated that while stakeholders would consider price reductions, a petrol price of ₦500 per litre is unrealistic under current market conditions.