Fresh Petrol Price Shake-Up Looms As FG Holds Closed-Door Meeting With Dangote Refinery

The Federal Government on Monday held a closed-door meeting with the management of the Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) to discuss the price of petrol across the country.....KINDLY READ THE FULL STORY HERE▶

The meeting centred on strategies to reduce the pump price of petrol following the easing of tensions in the Middle East, which had previously triggered a rise in global crude oil prices and impacted fuel costs in Nigeria.

The session took place at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja and was attended by officials of the Federal Competition and Consumer Protection Commission (FCCPC), alongside key stakeholders in the oil and gas industry.

Also present were representatives and chief executives from TotalEnergies, Eterna, Matrix Energy, the Depot and Petroleum Products Retailers Association of Nigeria (DPRP), the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Nigerian Association of Road Transport Owners (NARTO), as well as officials of the NMDPRA.

Speaking during the meeting, the Chief Executive of the NMDPRA, Rabiu Umar, said the engagement was convened on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.

According to Umar, Nigeria has yet to fully benefit from the recent decline in global crude oil prices following the easing of geopolitical tensions that had fuelled market volatility during the conflict involving the United States and Iran.

He explained that the objective of the meeting was not to impose fuel prices but to foster collaboration among stakeholders to improve market efficiency and ensure consumers benefit from favourable global price movements.

“We have witnessed a welcome easing of those tensions, which has driven a downward shift and moderation in global crude oil prices.

“We want to engage in an open, transparent, and solution-oriented dialogue. We want to hear your challenges, discuss market surveillance, examine inventory management, and align on how we can collectively accelerate key mechanisms such as the National Strategic Stock (NSS) to safeguard Nigeria’s energy security,” he said.