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Fuel Crisis Showdown: FG Sets Date For High-Stakes Summit On Petrol Price Hike
The Federal Government has slated July 23 and 24, 2025, for a pivotal national stakeholders’ summit aimed at tackling escalating concerns surrounding petrol pricing and supply challenges in Nigeria’s downstream oil sector.....KINDLY READ THE FULL STORY HERE▶
The Federal Government has slated July 23 and 24, 2025, for a pivotal national stakeholders’ summit aimed at tackling escalating concerns surrounding petrol pricing and supply challenges in Nigeria’s downstream oil sector.
The summit, organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), will bring together major industry stakeholders—including marketers, refiners, and government officials—to develop solutions for the nation’s deregulated petroleum market.
Speaking at the 24th Nigeria Oil and Gas Energy Week in Abuja, Francis Ogaree, NMDPRA’s Executive Director of Hydrocarbon Processing Plants, Installation, and Transportation Infrastructure, confirmed the summit’s date. He emphasized the forum’s purpose as a platform for constructive dialogue and the creation of a transparent pricing system.
“We are engaging stakeholders at our forum to address issues and offer lasting solutions,” Ogaree told The PUNCH.
“Petroleum pricing remains a sensitive issue and is still a work in progress. That’s why we’ve scheduled this summit for July 23–24—to calm public concerns and establish clear pricing standards.”
Marketers Demand Transparency as Dangote Refinery Slashes Prices
Amid volatile market conditions, independent petroleum marketers have voiced frustration over erratic petrol pricing—particularly following recent reductions by Dangote Refinery. Many retailers who procured Premium Motor Spirit (PMS) at higher prices have suffered significant losses due to abrupt price drops.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, warned that continued volatility could devastate retail fuel businesses:
“Price transparency is non-negotiable. Retailers are being squeezed by sudden price shifts. A stable pricing environment is vital for energy security and investor protection.”
He also urged the federal government to implement a structured pricing mechanism to shield marketers from financial damage caused by unexpected price cuts.
Labour and Oil Unions Demand Fair Pricing Framework
Joining the outcry, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) recently condemned what it described as exploitative petrol pricing practices, calling for urgent reforms to ensure fairness and industry stability.
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