Closed-door meeting in Abuja brings together Dangote Refinery, PETROAN, FCCPC and major industry players as government insists motorists should benefit from falling global crude oil prices…..
The Federal Government has commenced a high-level closed-door meeting with the management of Dangote Refinery, petroleum marketers and key regulators in a renewed effort to drive down the retail price of Premium Motor Spirit (PMS), popularly known as petrol.
The strategic meeting, taking place at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, comes amid growing pressure on operators in the downstream sector to reflect the recent decline in global crude oil prices at the pump.
Among those in attendance are officials of Dangote Refinery, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the Federal Competition and Consumer Protection Commission (FCCPC), major petroleum marketers, depot owners and other stakeholders across the oil and gas value chain.
Representatives of TotalEnergies, Eterna Plc, Matrix Energy, the Depot and Petroleum Products Retailers Association of Nigeria (DPRP), 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 Nigerian Association of Road Transport Owners (NARTO), alongside officials of the NMDPRA, are participating in the discussions.
The meeting follows recent concerns raised by the FCCPC over what it described as the slow response of refiners, depot operators, marketers and retailers in adjusting petrol prices despite the sustained drop in international crude oil prices.
In a statement issued earlier by its Director of Corporate Affairs, Ondaje Ijagwu, the Commission warned that operators engaging in unfair pricing practices or exploiting consumers could face regulatory sanctions.
According to the FCCPC, its ongoing surveillance of the downstream petroleum sector indicates that recent reductions in gantry and retail prices have not been commensurate with the sharp decline recorded in the global crude oil market.
Addressing stakeholders at the meeting, the Chief Executive of the NMDPRA, Rabiu Umar, disclosed that the engagement was convened on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
Umar noted that while the global oil market had experienced significant volatility over the past six months, tensions had eased considerably, leading to a moderation in crude oil prices.
He, however, observed that the domestic market has yet to fully mirror the downward trend.
“Our objective is not to dictate prices but to work collaboratively with industry players,” he said.
“We want an open, transparent and solution-driven engagement where we can understand existing challenges, strengthen market surveillance, improve inventory management and accelerate initiatives such as the National Strategic Stock to safeguard Nigeria’s energy security.”
Speaking during the engagement, Lokpobiri urged stakeholders to reach a common understanding that would ultimately reduce the cost of petrol for Nigerians.
He stressed that the prices of PMS and Automotive Gas Oil (AGO), commonly known as diesel, have a direct impact on transportation, businesses and virtually every sector of the economy.
According to the minister, the deregulation of the downstream petroleum sector was never intended to encourage excessive profiteering.
He argued that with Brent crude prices trending lower, consumers should begin to see corresponding reductions in the pump price of petrol.
Lokpobiri reaffirmed the Federal Government’s commitment to protecting consumers while ensuring that the deregulated petroleum market remains competitive, transparent and beneficial to all stakeholders.
Although the meeting was still ongoing at the time of filing this report, industry observers will be watching closely to see whether it results in fresh adjustments to petrol prices across the country.
