The Federal Government is currently in a closed-door meeting with management of the Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), as it pushes for a fair reduction in the price of Premium Motor Spirit (PMS) or petrol nationwide.
Representatives and chief executives from TotalEnergies, Eterna, Matrix Energy, Depot and Petroleum Products Retailers Association of Nigeria (DPRP), Major Energy Marketers Association of Nigeria (MEMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Nigerian Association of Road Transport Owners (NARTO), and staff members of the NMDPRA are also at the meeting.
The development comes days after the FCCPC raised concerns over the slow pace at which petrol prices are being reduced by refiners, marketers, depot operators, and retailers despite a significant decline in global crude oil prices. In a statement issued by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission warned that businesses found taking advantage of consumers through unfair pricing practices could face regulatory action.
The FCCPC said its ongoing monitoring of the downstream petroleum sector revealed that recent reductions in gantry and retail prices have not matched the scale of the decline in international crude oil prices. Speaking at today’s meeting, the Authority Chief Executive of the NMDPRA, Rabiu Umar, disclosed that the gathering was convened at the directive of Lokpobiri.
He said that over the past six months, Nigeria has navigated considerable volatility in the international crude oil market, adding, “We have witnessed a welcome easing of those tensions, which has driven a downward shift and moderation in global crude oil prices.” According to him, despite these positive signals, the domestic retail market has yet to adjust harmoniously to the downward shifts.
READ ALSO: FG Flags Off 3.5MW Solar Mini-Grid Project in Kebbi Umar stressed that the objective of the government and the regulator is not to dictate but to collaborate. “We want to engage in an open, transparent, and solution-oriented dialogue. We want to hear your challenges, discuss market surveillance, look into inventory management, and align on how we can collectively accelerate key mechanisms like the National Strategic Stock (NSS) to protect our national energy security,” he added.