FG Directs Marketers to Adjust PMS Prices Amid Oil Drop

On a forum held in Abuja, Heineken Lokpobiri, the Minister of State for Petroleum Resources, instructed petroleum marketers to immediately reflect the recent decline in global oil prices in the pricing of Premium Motor Spirit (PMS). This directive aims to reduce the pump price of PMS and address market stress under the deregulated regime.

Lokpobiri expressed concerns that the anticipated price reductions have not yet been reflected at the pump, urging compliance with regulatory frameworks to prevent exploitation and excessive profits. He emphasized the need for regulatory certainty to attract long-term investments in Nigeria's petroleum sector, particularly as the country works towards operationalizing the Dangote refinery project.

The forum also discussed the importance of ensuring consumers receive the correct quantities of products purchased and maintaining compliance with regulations to foster investor confidence.