The Federal Government has convened a closed-door meeting with the management of the Dangote Petroleum Refinery, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and other key downstream stakeholders as part of efforts to reduce the pump price of petrol nationwide.
The meeting, held at the Abuja headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), followed the recent decline in global crude oil prices to below 70 dollars per barrel.
Presiding over the session, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said although the downstream petroleum sector is deregulated, market liberalisation should not be used as an opportunity for excessive profit-making at the expense of consumers.
The meeting also came amid concerns raised by the Federal Competition and Consumer Protection Commission (FCCPC) over the slow adjustment of retail petrol prices despite falling global crude prices.
The commission warned that refiners, depot operators and petroleum marketers could face regulatory sanctions if investigations reveal that they are artificially maintaining high pump prices despite lower international replacement costs.
Leave feedback about this