The Federal Government has called on petroleum marketers to reduce the pump price of petrol in line with the recent drop in global crude oil prices, warning against keeping prices high to maximise profits from previously purchased fuel stocks.
The warning was issued on Monday during a stakeholders’ meeting on cost-reflective pricing of Premium Motor Spirit (PMS), organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja.
The meeting was attended by representatives of major petroleum marketing companies, depot owners, independent marketers, transport operators and officials of the NMDPRA.
Speaking at the event, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said marketers should not use fuel bought at higher prices as an excuse to maintain high pump prices when replacement costs have fallen.
Read Also: https://theportcitynews.com/2026/07/06/why-the-u-s-is-watching-ahead-of-nigerias-2027-elections/
He explained that although petrol prices are influenced by factors such as exchange rates, transportation and supply chain costs, marketers are expected to adjust prices once they begin restocking at lower costs.
According to the minister, the benefits of reduced procurement costs should be passed on to consumers promptly to ensure a fair and competitive deregulated market.
Lokpobiri stressed that the removal of fuel subsidy was intended to promote competition, improve efficiency and provide value for Nigerians, not to encourage excessive pricing or create unfair profits.
He also warned that keeping petrol prices above prevailing market conditions could increase inflation and weaken efforts to stabilise the economy.
The minister urged marketers to ensure that the recent decline in international crude oil prices is reflected in both ex-depot and retail petrol prices, saying Nigerians should benefit from lower fuel costs in a transparent and timely manner.
His remarks come amid public concerns over the slow reduction in petrol prices despite the sustained fall in global crude oil prices.
