The Federal Government on Monday convened a meeting with key players in the downstream petroleum sector, including officials of the Dangote Refinery, petroleum marketers and regulators, to address concerns over the pricing of Premium Motor Spirit (PMS), commonly known as petrol.
The meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, brought together representatives of the Federal Competition and Consumer Protection Commission (FCCPC), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and other industry stakeholders.
Speaking at the meeting, NMDPRA Chief Executive, Rabiu Umar, said the engagement was aimed at promoting collaboration rather than imposing price controls, stressing the need for transparent discussions on market realities, inventory management and strategies to strengthen the National Strategic Stock.
According to him, the meeting followed a directive by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, to ensure that petrol prices remain cost-reflective and fair to consumers.
Umar noted that while global crude oil prices had moderated following the easing of geopolitical tensions, the reduction had yet to be fully reflected in domestic retail petrol prices.
He stressed that although Nigeria operates a deregulated petroleum market, deregulation should not result in market distortions or unfair pricing, adding that both marketers’ profitability and consumer welfare must be protected.
The NMDPRA boss called on stakeholders to work together to build a transparent and competitive market where the benefits of lower costs are passed on to consumers in a timely manner.