FG tells petrol marketers to cut prices as global crude oil drops
By Aboki Forex —
The federal government has asked petroleum marketers to reduce the pump price of petrol. The call follows a recent fall in global crude oil prices.
Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, made the appeal on Monday in Abuja. He spoke at the 2026 General Counsel and Legal Advisers' Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Lokpobiri said the government cannot fix fuel prices because the downstream sector is fully deregulated. Market forces now determine prices, not the government.
He noted that the de-escalation of tensions between Iran and the United States has softened international crude prices. Nigerians should see a corresponding drop in petrol prices at the pumps.
But the minister admitted that the expected reduction has not happened yet across filling stations nationwide.
Lokpobiri said: 'We expected a corresponding reduction in the prices of PMS and other petroleum products following the easing of geopolitical tensions, but that has not happened yet.'
He expressed confidence that competition and market dynamics will eventually push prices down as more products become available.
The NMDPRA will continue to monitor the market to prevent unfair pricing. The minister insisted that deregulation has improved fuel supply across the country.
Consumers, transport operators and industry stakeholders have criticised marketers for failing to reflect lower international oil prices in retail petrol prices.