Federal Government don tell petroleum marketers say dem must quickly reduce fuel price for filling stations as global crude oil price don drop.
Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, give the directive on Monday during the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum wey happen for Abuja.
According to Lokpobiri, as tension between Iran and the United States don reduce, crude oil price for international market don fall, and Nigerians suppose begin see the effect for PMS (petrol) and other petroleum product prices.
The minister show concern say despite the drop in global oil prices, many marketers never reduce pump price for filling stations.
E warn say although fuel price now dey controlled by market forces under deregulation, marketers no suppose use the situation take make excessive profit while ordinary Nigerians dey suffer.
Lokpobiri talk say regulators get responsibility under the Petroleum Industry Act (PIA 2021) to make sure say deregulation no turn to opportunity for profiteering.
“E no reach make we just dey ask whether operators dey comply with regulations. We need ask whether regulators sef dey create the kind environment wey investors fit trust and put their money for long-term projects,” he talk.
The minister also encourage marketers make dem follow fair pricing principles so that consumers fit enjoy the benefits of lower global oil prices.
E praise President Bola Tinubu for removing fuel subsidy and fully deregulating the sector, saying the move don help end fuel scarcity and open the door for projects like Dangote Refinery and other local refineries.
According to am, despite challenges caused by recent Middle East conflicts, petroleum products don remain available across the country since 2023.
Lokpobiri also challenge regulators to ensure say consumers no just get fuel availability, but also receive the correct quantity whenever dem buy fuel.
E add say Nigeria petroleum sector dey enter a new phase with more private sector participation, increasing local refining capacity and fresh investment opportunities.
The minister express confidence say recommendations from the forum go help improve governance, regulatory certainty and attract more investors into Nigeria’s petroleum industry.
