The Federal Government has directed petroleum marketers to immediately reflect the recent decline in global crude oil prices by reducing the pump prices of Premium Motor Spirit (PMS) and other petroleum products.
The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, gave the directive on Monday at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja.
Speaking on the theme, “Beyond Compliance: Certainty and Investment Confidence in Nigeria’s Petroleum Sector,” the minister said the de-escalation of tensions between Iran and the United States had led to a decline in global oil prices, making it necessary for marketers to adjust pump prices accordingly.
Lokpobiri expressed concern that the expected reduction in fuel prices had yet to be reflected at filling stations, warning marketers against taking advantage of the deregulated market to make excessive profits.
He said that while market forces would ultimately determine prices under the deregulation policy, the regulator has a statutory responsibility under the Petroleum Industry Act (PIA) 2021 to ensure that deregulation does not become an avenue for profiteering.
According to the minister, regulatory compliance alone is no longer sufficient, stressing that authorities must also provide a clear, consistent and predictable regulatory environment capable of attracting long-term investment into the petroleum sector.
He noted that the deregulation of the downstream sector by the Federal Government had paved the way for the operationalisation of the Dangote Refinery and other refining projects, while eliminating the persistent fuel scarcity that previously affected the country.
Lokpobiri said Nigerians had continued to enjoy improved fuel availability since 2023, even during recent global supply disruptions caused by geopolitical tensions.
He also charged regulators to ensure that consumers receive the correct quantity of petroleum products purchased at filling stations.
“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he said.
The minister described legal advisers as strategic partners whose responsibilities extend beyond interpreting laws to shaping investment decisions, strengthening regulatory frameworks and supporting national development.
He urged legal practitioners and regulators to identify and address regulatory uncertainties that could discourage investors, adding that Nigeria’s petroleum industry is entering a new phase driven by increased domestic refining capacity, greater private sector participation and expanding opportunities across the midstream and downstream segments.
Lokpobiri expressed confidence that recommendations from the forum would enhance governance, improve regulatory certainty and boost investor confidence in Nigeria’s petroleum sector.
Post comments (0)