FG, Dangote Refinery officials, marketers hold talks over high fuel price

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.