FG Convenes Stakeholders’ Meeting With Dangote Refinery To Push For Lower Petrol Prices

The Federal Government has convened a high-level stakeholders’ meeting with Dangote Refinery, petroleum regulators, and major oil marketers as part of efforts to ensure Nigerians benefit from lower pump prices for Premium Motor Spirit (PMS).

The meeting, held on Monday at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, brought together officials of Dangote Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and representatives of TotalEnergies, Eterna, Matrix Energy, the Major Energies Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Directorate of Petroleum Resources Pensioners (DPRP), the Nigerian Association of Road Transport Owners (NARTO), among other industry stakeholders.

The meeting followed a directive by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, urging petroleum marketers to reduce pump prices in line with the recent decline in global crude oil prices.

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Speaking during the session, Lokpobiri stressed that the deregulation of the downstream petroleum sector should not translate into excessive profiteering. He noted that the decline in Brent crude prices should be reflected in the domestic prices of PMS and Automotive Gas Oil (AGO), given their significant impact on the nation’s economy.

The minister called on stakeholders to reach a consensus on practical measures that would deliver fair and sustainable reductions in fuel prices while protecting the interests of consumers and ensuring the viability of legitimate operators.

In his remarks, the Chief Executive of the NMDPRA, Rabiu Abdullahi Umar, said the meeting was convened to promote cost-reflective pricing in the downstream sector. He noted that with international oil market tensions easing, stakeholders must work together on effective inventory management, market monitoring, and the maintenance of adequate national fuel reserves to guarantee price stability and energy security.