Lokpobiri Urges Fair Petrol Pricing Amid Price Concerns

On a recent date, Heineken Lokpobiri, the Minister of State for Petroleum Resources, convened an emergency meeting in Abuja with various stakeholders in Nigeria's oil industry, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC). The meeting aimed to address the issue of high petrol prices, which have remained sticky despite a decline in international crude oil prices from over $120 to around $70 per barrel.

Lokpobiri insisted that the recent moderation in crude oil prices should reflect lower pump prices in Nigeria. He highlighted that several factors, including exchange rate volatility and storage costs, influence petrol pricing beyond crude oil prices.

The minister reiterated the government's commitment to deregulating the downstream market to promote competition and efficiency, ensuring that lower replacement costs are passed on to consumers transparently. He noted that the current high energy prices are unjustifiable and detrimental to economic stability.