Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has directed petroleum marketers to immediately reduce the pump price of Premium Motor Spirit (PMS) and other petroleum products to reflect the recent drop in global oil prices.
Speaking at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja on Monday, Lokpobiri noted that easing tensions between Iran and the United States had driven oil prices downward, and consumers should benefit accordingly.
He expressed concern that the anticipated reduction had not yet been reflected at filling stations, warning marketers against exploiting deregulation to make excessive profits. He stressed that regulators must ensure compliance with the Petroleum Industry Act (PIA 2021) and protect consumers.
“The sector is now fully deregulated, a bold reform that President Bola Tinubu had the courage to implement. That decision paved the way for the operationalisation of the Dangote Refinery and other refinery projects currently underway,” Lokpobiri said.
He added that while deregulation has eliminated artificial scarcity, regulators must guarantee fair pricing and accurate product measurement.
“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he warned.
Lokpobiri urged regulators to move beyond compliance by promoting certainty and transparency to attract long-term investments.
He described Nigeria’s petroleum sector as entering a new phase of expanding domestic refining capacity, increased private sector participation, and emerging opportunities across midstream and downstream segments.
He emphasized that attracting investors will require policy consistency, efficient dispute resolution, and strong collaboration among government, regulators, industry operators, and legal practitioners.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com