The Federal Government has instructed petroleum marketers to reduce the pump prices of Premium Motor Spirit (PMS), commonly known as petrol, and other petroleum products in response to the recent drop in international crude oil prices.
The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, issued the directive on Monday, June 29, while addressing participants at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja.
The event was held under the theme, “Beyond Compliance: Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”
Lokpobiri said the decline in crude oil prices, driven by easing tensions between Iran and the United States, should naturally result in lower retail prices of petroleum products across the country.
He expressed disappointment that motorists were yet to benefit from the downward trend, warning marketers against taking undue advantage of the deregulated market.
According to the minister, while pricing is now determined by market forces, regulators have a responsibility to ensure that consumers are not subjected to unfair practices or excessive profiteering.
He maintained that the Petroleum Industry Act (PIA) 2021 empowers the regulatory authorities to protect consumers while promoting a competitive downstream sector.
“For too long, the dominant question in our regulatory conversations has been: are operators complying? That question matters. It will always matter. But it is no longer sufficient.
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“The more consequential question today is this: are our regulatory authorities doing their job? Is it clear, consistent and predictable enough to give investors the confidence they need to commit capital, not just for one cycle, but for the long term?
“Compliance is the foundation. Regulatory certainty is the ceiling we must now be building toward,” Lokpobiri said.
The minister also defended the Federal Government’s decision to fully deregulate the downstream petroleum industry, describing it as a bold reform that has improved product availability nationwide.
“The sector is now fully deregulated, a bold reform that President Bola Tinubu had the courage to implement. That decision paved way for the operationalisation of the Dangote Refinery and other refinery projects currently underway.
“It also ensured that artificial scarcity has become a thing of the past.
“You can attest to the fact that since 2023 there has been availability of products in country even with the recent challenges posed by the US-Israeli /Iranian conflict.
“Beyond allowing prices to be determined by market forces, the question is: what is the regulator doing to ensure that consumers receive the correct quantity of product?
“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he warned.