FG orders NMDPRA to curb petrol price profiteering as crude prices fall

By Musa Ubandawaki, Sokoto The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reaffirmed that Nigeria’s downstream petroleum market remains fully deregulated, stressing that petrol prices are determined by market forces rather than government directives. Speaking in Sokoto, the State Coordinator of NMDPRA, Ali Ajmi, said the authority had not received any directive from […] The post NMDPRA reaffirms deregulated fuel market, intensifies consumer protection measures appeared first on Vanguard News.

The federal government has convened oil and gas stakeholders to discuss fair pricing of petroleum products across the country.   Stakeholders at the meeting, held on Monday at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, include Dangote refinery, the Federal Competition and Consumer Protection Commission (FCCPC), and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).   In his welcome address at the meeting, Rabiu Umar, chief executive officer (CEO) of the NMDPRA, said the meeting’s objective was not to dictate, but to collaborate.   “We want to engage in an open, transparent, and solution-oriented dialogue. We want to hear your challenges, discuss market surveillance, look into inventory management, and align on how we can collectively accelerate key mechanisms like the National Strategic Stock (NSS) to protect our national energy security,” he said.     “I urge everyone present to engage constructively. Let us work together to find a balanced path forward that keeps your businesses viable while ensuring that the public is fairly protected.”   Umar said the gathering was at the directive of Heineken Lokpobiri, minister of state for petroleum resources (oil) to ensure “cost-reflective and fair pricing of Premium Motor Spirit (PMS)”.   “Over the past six months, we have navigated considerable volatility in the international crude oil market. We watched prices surge due to heightened geopolitical tensions and global conflicts,” he said.     “Recently, we have witnessed a welcome easing of those tensions, which has driven a downward shift and moderation in global crude prices.”   According to the NMDPRA boss, however, the domestic retail market has not yet harmoniously adjusted to these downward shifts.   “As a responsible Regulatory Authority, it is our duty to step in alongside you, our valued partners, to interrogate the market forces, understand the operational bottlenecks, and directly address this disconnect between falling replacement costs and sustained retail prices,” he said.   “His Excellency, President Bola Ahmed Tinubu, GCFR, has laid a resilient foundation for a deregulated, competitive, and investment-driven market.   But let me be clear: deregulation is not a license for market distortion or unfair consumer pricing.   “It is intended to drive efficiency, maximize value, and protect the public interest.”   Umar said sustainable profitability for marketers and consumer welfare are not mutually exclusive.   “We need to build a transparent ecosystem where the benefits of market improvements are passed down to the Nigerian consumer in a timely and fair manner,” he said.

The Federal Government has called on marketers to reduce the pump price of petrol to reflect falling crude costs in the international market. The Minister of state for Petroleum Resources (Oil), Heineken Lokpobiri, made the call on Monday at a stakeholders’ meeting with the marketers and other downstream petroleum sector operators. The minister demanded that the sharp […] FG insists on fuel price slash at meeting with Dangote Refinery, marketers

By Obas Esiedesa, Abuja The Federal Government on Monday mounted fresh pressure on petroleum marketers to reduce the pump price of Premium Motor Spirit also known as petrol, insisting that the sharp decline in international crude oil prices should be reflected in retail fuel prices across the country. Speaking at the Stakeholders’ Meeting on Cost-Reflective […] The post FG mounts pressure on marketers to cut petrol price appeared first on Vanguard News.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has warned oil marketers against profiteering and arbitrary increases in the pump prices of petroleum products. It insisted that prices must be cost-reflective in line with the provisions of the Petroleum Industry Act 2021. The warning comes barely two days after the Minister of State for Petroleum Read More: https://punchng.com/nmdpra-warns-marketers-against-fuel-profiteering-as-crude-prices-fall/

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced plans to sanction oil marketers selling Premium Motor Spirit (PMS) at pump prices not reflective of the recent drop in global crude oil prices.In a statement issued Wednesday, NMDPRA spokesperson George Ene-Ita stressed that petroleum product prices must remain cost-reflective in line with the Petroleum Industry Act. He cautioned Oil Marketing Companies against price gouging and profiteering, noting that depots and retail outlets are under close monitoring.“Regulatory sanctions will be applied where applicable,” Ene-Ita said, adding that the authority is working with security agencies and the Federal Competition and Consumer Protection Commission to safeguard consumer interests.The warning follows remarks by Minister of State for Petroleum, Heineken Lokpobiri, who urged regulators to protect Nigerians from profiteering. Lokpobiri noted that despite easing tensions between Iran and the United States, fuel prices in Nigeria have not reflected the global decline in crude oil costs.He emphasized that while the sector is fully deregulated, regulators must ensure that deregulation does not become an avenue for exploitation. Lokpobiri also highlighted that deregulation has paved the way for the operationalisation of the Dangote Refinery and other projects, ensuring product availability since 2023 despite global disruptions.