FG Urges Fuel Marketers to Cut Petrol Prices Amid Decline

The Federal Government of Nigeria, represented by Minister of State for Petroleum Resources Heineken Lokpobiri, called on fuel marketers to reduce petrol prices in light of the recent decline in international crude oil prices. Speaking in Abuja during a forum organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Lokpobiri stated that the pricing of petrol remains subject to market forces due to the deregulation of the downstream petroleum sector as per the Petroleum Industry Act (PIA) of 2021.

He expressed optimism that market dynamics would eventually lead to price equilibrium, while also stressing the regulatory responsibility of the NMDPRA to protect consumers from unfair pricing practices. Lokpobiri noted that the government no longer has the authority to fix petrol prices, as they are now determined by supply and demand.

He also highlighted the significant gains from deregulation, including improved product availability and renewed investment in domestic refining, despite ongoing challenges in the international oil market.