FG Urges Marketers to Lower Petrol Prices Amid Decline

On Monday in Abuja, Heineken Lokpobiri, the Minister of State for Petroleum Resources, called on marketers to reduce petrol prices to reflect the recent decline in global crude oil prices. This appeal was made during the 2026 General Counsel Legal Advis Forum organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Lokpobiri noted that despite the fall in international crude oil prices, petrol prices in Nigeria have not yet adjusted accordingly. He emphasized that the Federal Government no longer fixes petrol prices following the implementation of the Petroleum Industry Act (PIA) in 2021, which deregulated the downstream petroleum sector.

The market forces of supply and demand now drive pump prices, although the NMDPRA is responsible for overseeing market operations to prevent unfair pricing practices. Lokpobiri also mentioned that frequent fuel shortages have largely disappeared in 2023, with petroleum products remaining available nationwide despite global market disruptions.