ABUJA, June 30 – Nigeria has directed petroleum marketers to reduce the pump prices of Premium Motor Spirit (PMS) and other petroleum products to reflect the recent drop in global crude oil prices.
Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, gave the directive on Monday during the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority General Counsel and Legal Advisers Forum in Abuja.
Lokpobiri said the easing of tensions between Iran and the United States has pushed global oil prices lower and that consumers should begin to benefit from the decline. However, he noted that pump prices across the country have yet to adjust accordingly.
He said Nigeria’s deregulated downstream market allows prices to respond to market conditions but warned marketers against taking advantage of the situation to make excessive profits. He added that regulators have a responsibility under the Petroleum Industry Act 2021 to ensure deregulation does not lead to unfair pricing.
The minister also urged regulators to protect consumers by ensuring fuel stations dispense the exact quantity customers pay for.
According to Lokpobiri, the deregulation of the downstream petroleum sector has helped eliminate the fuel shortages that were common in the past and has supported investments in local refining, including the Dangote Refinery and other refinery projects.
He added that attracting more investment into the sector will depend on consistent policies, transparent regulations and stronger collaboration between government agencies, regulators and industry operators.
Meanwhile, the Federal Competition and Consumer Protection Commission (FCCPC) has also raised concerns over the slow pace of petrol price reductions. The commission said its monitoring of the downstream sector shows that recent cuts by refiners, depot owners, marketers and retailers have not matched the sharp decline in international crude oil prices and warned that businesses engaging in unfair pricing could face regulatory action.
