The Federal Government has held a high-level meeting with Dangote Refinery, petroleum regulators and major industry stakeholders as part of efforts to reduce the pump price of Premium Motor Spirit (PMS) and make fuel more affordable for Nigerians.
The meeting took place on Monday at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja and brought together representatives of Dangote Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), as well as key operators including TotalEnergies, Eterna, Matrix Energy, MEMAN, DAPPMAN, IPMAN, DPRP and NARTO.
The engagement followed a directive by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, urging fuel marketers to adjust pump prices in response to the recent decline in global crude oil prices.
Speaking during the meeting, Lokpobiri emphasized that the deregulation of the downstream petroleum sector should not be used as an avenue for excessive profit-making. He noted that the drop in Brent crude prices should translate into lower domestic prices for petrol and Automotive Gas Oil (diesel), considering their impact on the nation’s economy.
The minister called on stakeholders to work together in developing practical measures that would ensure fair fuel pricing while protecting the interests of consumers and maintaining a sustainable business environment for operators.
Also speaking, NMDPRA Chief Executive Rabiu Abdullahi Umar said the meeting was convened to encourage cost-reflective pricing and strengthen cooperation among stakeholders.
He added that with global oil market pressures easing, industry players should focus on effective inventory management, market monitoring and maintaining adequate national fuel reserves to ensure stable supply and pricing.
