NMDPRA to Implement Cost-Reflective Petrol Pricing

Rabiu Umar, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), stated that the agency will ensure cost-reflective pricing for petrol, known as Premium Motor Spirit (PMS), during a stakeholder meeting held on Monday in Abuja. Umar convened the meeting with the Minister of State for Petroleum Resources, Heineken Lokpobiri, to address the disconnect between declining global crude oil prices and domestic retail fuel prices over the past six months.

He emphasized the need to navigate the volatile international crude oil market and monitor price surges due to heightened geopolitical tensions. Despite a downward shift in global crude prices, the domestic retail market has not yet adjusted accordingly.

Umar reiterated that the regulatory authority's duty is to interrogate market forces to understand operational bottlenecks and address the disconnect. President Bola Tinubu has laid a resilient foundation for a deregulated, competitive, and investment-driven market, which aims to maximize value while protecting public interest and ensuring consumer welfare.