FG Directs Immediate Cut in Petrol Prices Following Global Oil Price Drop
The Federal Government has directed petroleum marketers to lower petrol pump prices to reflect the recent decline in global crude oil rates. Senator Heineken Lokpobiri, Minister of State for Petroleum Resources, issued the order at the NMDPRA General Counsel and Legal Advisers Forum in Abuja, warning against profiteering under the deregulated market. He said easing tensions between Iran and the US drove down international oil costs, yet local prices have not fallen. Under the Petroleum Industry Act 2021, regulators must ensure fair pricing and competition, while transparent and predictable rules will boost long-term investment confidence in Nigeria’s downstream sector. The minister credited the removal of subsidy and full deregulation for ending fuel shortages and enabling operations at the Dangote Refinery. He also urged regulators to verify that consumers receive the exact fuel volume they pay for. He expressed optimism that forum recommendations will strengthen governance and investor confidence in the petroleum industry.
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