Lokpobiri Directs Marketers to Reduce Fuel Prices Following Drop in Global Oil Prices
Lokpobiri Directs Marketers to Reduce Fuel Prices Following Drop in Global Oil Prices
Lokpobiri Directs Marketers to Reduce Fuel Prices Following Drop in Global Oil Prices
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has directed petroleum marketers to immediately reflect the recent decline in global crude oil prices by reducing the pump prices of Premium Motor Spirit (PMS) and other petroleum products.
Lokpobiri gave the directive on Monday while speaking at the 2026 General Counsel and Legal Advisers Forum of the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja. The forum was themed “Beyond Compliance: Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”
The minister said the easing of tensions between Iran and the United States had contributed to a decline in global oil prices, adding that consumers should benefit from the changing market conditions through lower fuel prices.
He expressed concern that the reduction in international oil prices had yet to be reflected at filling stations, warning marketers against taking advantage of the deregulated market to make excessive profits.
According to him, while market forces are expected to determine prices under the deregulated regime, regulators have a responsibility under the Petroleum Industry Act 2021 to ensure deregulation does not become a tool for profiteering.
“For too long, the dominant question in our regulatory conversations has been whether operators are complying. That question remains important, but it is no longer sufficient. We must also ask whether our regulatory authorities are providing the clarity, consistency and predictability that investors need,” he said.
Lokpobiri noted that the removal of fuel subsidies by the administration of President Bola Ahmed Tinubu had paved the way for the operation of the Dangote Refinery and other refining projects, while helping to eliminate the persistent fuel shortages that previously affected the country.
He added that Nigeria has maintained steady availability of petroleum products since 2023, despite disruptions in the global energy market caused by recent geopolitical tensions in the Middle East.
The minister also urged regulators to ensure consumers receive the exact quantity of fuel they pay for, stressing that transparency and accountability remain essential under the deregulated system.
“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he said.
Lokpobiri further called on legal advisers and regulators to promote policy consistency, regulatory certainty and transparent dispute resolution, noting that these factors are critical to attracting long-term investment into Nigeria’s expanding midstream and downstream petroleum sectors.
He expressed confidence that recommendations from the forum would strengthen governance, improve investor confidence and support the continued growth of Nigeria’s petroleum industry.
NAN
Lokpobiri Directs Marketers to Reduce Fuel Prices Following Drop in Global Oil Prices
