The Federal Government has urged petroleum marketers to lower petrol pump prices in line with the continued decline in global crude oil prices.
The call was made on Monday by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during a stakeholders’ meeting with marketers and key players in the downstream petroleum sector.
Lokpobiri said the significant drop in Brent crude oil prices—from around $118 per barrel earlier this year to below $70—should be reflected in the retail price of Premium Motor Spirit (PMS) and other petroleum products.
“The price of fuel should reflect what is going on now,” the minister said, stressing that consumers deserve to benefit from the reduction in international oil prices.
He questioned why pump prices have remained largely unchanged despite lower global replacement costs, insisting that deregulation should not be used as a basis for excessive profit-making.
According to him, the government is committed to engaging industry stakeholders to find a workable solution rather than imposing measures that may prove difficult to enforce.
“We would rather sit down with you and agree a practical framework than try to impose measures we cannot effectively enforce,” he said.
Lokpobiri added that marketers must work together to develop a consensus that will bring down fuel prices while ensuring the sustainability of their businesses.
The meeting, convened by the sector regulator on the directive of the Ministry of Petroleum Resources, was attended by representatives of the Federal Competition and Consumer Protection Commission (FCCPC), Dangote Refinery, 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 Nigerian Association of Road Transport Owners (NARTO), and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), among other stakeholders.
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