The Federal Government has entered a closed-door session with major oil industry stakeholders—including the management of Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN)—to negotiate a nationwide reduction in the pump price of Premium Motor Spirit (PMS).
The high-level meeting, hosted at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) headquarters in Abuja, was convened by NMDPRA Authority Chief Executive, Rabiu Umar, acting under the direct directive of the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
Broad Industry Attendance
The strategic dialogue brought together regulatory bodies and key market players, including:
Regulatory & Consumer Watchdogs: NMDPRA and the Federal Competition and Consumer Protection Commission (FCCPC).
Marketer & Retail Associations: IPMAN, MEMAN, DAPPMAN, PETROAN, and the Depot and Petroleum Products Retailers Association of Nigeria (DPRP).
Major Energy & Transport Firms: TotalEnergies, Eterna, Matrix Energy, and the Nigerian Association of Road Transport Owners (NARTO).
Addressing Price Disparities and Profiteering
This intervention follows growing concerns raised by the FCCPC regarding the slow pace of domestic price adjustments. In a recent statement by Director of Corporate Affairs Ondaje Ijagwu, the Commission warned that retail, gantry, and depot price cuts have failed to reflect the significant decline in global crude oil benchmarks, cautioning operators against unfair consumer exploitation.
Echoing these concerns, NMDPRA Chief Executive Rabiu Umar noted that while international crude markets have eased over the last six months, the domestic market has failed to adjust harmoniously. He emphasized that the regulator’s goal is not price dictation, but a collaborative approach to address inventory management, market surveillance, and national energy security mechanisms like the National Strategic Stock (NSS). Clear Directive from leadership
Minister Heineken Lokpobiri reiterated the administration’s stance, urging stakeholders to find “common ground” to alleviate the financial burden on citizens, given that PMS and AGO (diesel) prices heavily impact every sector of the Nigerian economy.
The Minister firmly reminded operators that market deregulation is not an open license for excessive profiteering. With Brent crude prices on a downward trend, he maintained there is no justification for sustained high pump prices, reaffirming the government’s commitment to protecting both investor interests and the welfare of ordinary citizens.
