Amanze Chinonye
The Federal Government on Monday convened a high-level stakeholders’ meeting with Dangote Refinery, regulators and major petroleum marketers as part of efforts to ensure Nigerians benefit from lower pump prices for Premium Motor Spirit (PMS), Prime Business Africa reports.
The meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, brought together officials of Dangote Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and representatives of TotalEnergies, Eterna Plc, Matrix Energy, the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Directorate of Petroleum Resources Pensioners (DPRP), the Nigerian Association of Road Transport Owners (NARTO), and other key industry stakeholders.
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The meeting followed a directive by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, urging marketers to reduce pump prices in line with the recent decline in global crude oil prices.
Addressing participants, Lokpobiri said the benefits of lower international crude prices should be reflected in the domestic prices of petrol and Automotive Gas Oil (AGO), noting that fuel costs have a direct impact on transportation, production and the wider economy.
He stressed that while the downstream petroleum sector is deregulated, market liberalisation should not become an avenue for profiteering at the expense of consumers.
The minister urged stakeholders to reach a consensus on practical measures that would deliver fair and sustainable reductions in fuel prices while protecting the interests of consumers and legitimate operators across the downstream value chain.
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Speaking at the meeting, the Chief Executive of the NMDPRA, Rabiu Abdullahi Umar, said the engagement was convened to promote cost-reflective pricing in the downstream sector.
He noted that the easing of tensions in the international oil market had created an opportunity for industry players to review pricing dynamics and ensure consumers benefit from improved market conditions.
Umar also called for stronger collaboration among stakeholders on inventory management, market monitoring and the maintenance of adequate national fuel reserves to support price stability and strengthen the country’s energy security.
The meeting is expected to shape a coordinated industry response to recent market developments, as the Federal Government intensifies efforts to ensure that the decline in international crude oil prices translates into lower petrol prices for Nigerian consumers.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
