FG Demands Immediate Fuel Price Cuts as Global Oil Market Cools

By Anuoluwa Amao

The Federal Government has called on petroleum marketers to reduce the pump prices of Premium Motor Spirit (PMS) and other petroleum products following the recent drop in crude oil prices on the international market.

Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, said consumers should benefit from the easing of global tensions, particularly after the de-escalation of the conflict involving Iran and the United States, which had earlier pushed oil prices higher.

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Speaking at the 2026 General Counsel and Legal Advisers Forum of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, Lokpobiri expressed concern that many marketers had yet to reflect the lower market realities in their retail prices.

He stressed that although Nigeria operates a deregulated petroleum market, operators must not exploit the system to make excessive profits at the expense of consumers. According to him, regulators have a duty under the Petroleum Industry Act (PIA) to ensure fairness and transparency within the sector.

The minister also urged regulatory agencies to focus on creating a stable and predictable business environment that can attract long-term investments, noting that compliance alone is no longer enough to guarantee growth in the industry.

Lokpobiri credited President Bola Tinubu’s removal of fuel subsidies and full deregulation of the downstream sector for encouraging investments such as the Dangote Refinery and other ongoing refinery projects, adding that the reforms have significantly improved product availability across the country.

He further warned against short-changing consumers, insisting that Nigerians must receive the exact quantity of fuel they pay for, while calling on legal advisers and regulators to help eliminate policies that could discourage investors.

According to him, Nigeria’s petroleum industry is entering a new phase marked by stronger private sector participation and growing domestic refining capacity, making regulatory certainty and collaboration critical to sustaining investor confidence and economic growth.