By Opeyemi Adelakun
The Federal Government on Monday intensified efforts to push down the retail price of Premium Motor Spirit (PMS) by convening an emergency meeting with major players in the downstream petroleum industry, including Dangote Refinery, petroleum marketers and regulatory agencies.
The strategic meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, is aimed at finding a common approach to ensuring that the recent decline in international crude oil prices translates into lower pump prices for Nigerians.
Among those in attendance were representatives of the Federal Competition and Consumer Protection Commission (FCCPC), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Nigerian Association of Road Transport Owners (NARTO), Dangote Refinery and several leading petroleum companies.
Opening the meeting, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the government was determined to ensure that Nigerians benefit from prevailing market conditions rather than bear unnecessary fuel costs.
He noted that with global crude oil prices easing in recent weeks, petroleum product prices should naturally respond in the same direction, stressing that market liberalisation must not become an excuse for excessive profit at consumers’ expense.
According to the minister, the engagement provides an opportunity for operators across the value chain to jointly address pricing concerns while preserving the gains of the deregulated market.
The Authority Chief Executive of the NMDPRA, Rabiu Abdullahi Umar, said the dialogue was convened to encourage consensus rather than impose directives on industry operators.
He observed that although international oil prices have moderated after months of volatility, domestic petrol prices have not adjusted at the same pace, making stakeholder engagement necessary.
Umar explained that discussions would also examine issues relating to inventory management, market monitoring and strategic fuel reserves as part of broader efforts to strengthen energy security and improve market efficiency.
The meeting later proceeded behind closed doors after opening remarks, with participants expected to review market realities and recommend measures capable of delivering fair and sustainable fuel prices nationwide.
The latest intervention follows renewed pressure from the Federal Government and the FCCPC on refiners, depot owners and marketers to ensure that reductions in global oil prices are reflected in the prices paid by consumers at filling stations across the country.
Leave a Reply