Federal Government has directed petroleum marketers to immediately reduce the pump prices of Premium Motor Spirit and other petroleum products to reflect the recent drop in global crude oil prices.
Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, gave the directive on Monday at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority General Counsel and Legal Advisers Forum in Abuja.
He said the easing of tensions between Iran and the United States had lowered global oil prices, making it necessary for marketers to pass the benefits on to consumers.
He expressed concern that the expected reduction had yet to be reflected at filling stations, warning that although prices are determined by market forces under the deregulated regime, marketers should not exploit the situation for excessive profits.
The minister said the regulator had a statutory duty under the Petroleum Industry Act 2021 to ensure deregulation does not become an avenue for profiteering while protecting consumers.
He urged marketers to adhere to fair pricing principles and ensure Nigerians benefit from prevailing market realities.
Lokpobiri also called on regulators to move beyond ensuring compliance by promoting regulatory certainty that would attract long-term investments into the petroleum sector.
According to him, while compliance remains essential, investors are increasingly attracted to jurisdictions with clear, consistent and predictable regulatory frameworks.
He said the deregulation policy introduced by President Bola Tinubu had paved the way for the operationalisation of the Dangote Refinery and other refinery projects, while eliminating the persistent fuel scarcity previously experienced in the country.
Lokpobiri noted that petroleum products had remained available nationwide since 2023 despite disruptions caused by the recent US-Israel-Iran conflict.
He also stressed the need to protect consumers from under-dispensing, insisting that anyone paying for 10 litres of fuel must receive the exact quantity purchased.
The minister described general counsel and legal advisers as strategic partners whose responsibilities extend beyond legal interpretation to shaping investment decisions, improving regulatory design and supporting national development.
He added that Nigeria’s petroleum sector is entering a new phase marked by expanding domestic refining capacity, increased private sector participation and new opportunities in the midstream and downstream segments.
Lokpobiri expressed confidence that recommendations from the forum would strengthen governance, improve regulatory certainty and boost investment confidence in the country’s petroleum sector. (NAN)
