FG Holds Closed-Door Talks With Dangote Refinery Over Petrol Pricing In Nigeria

According to Ireporter Online, the Federal Government on Monday convened a closed-door meeting with the management of Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) to deliberate on petrol pricing in the country.

The meeting, which was held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, was primarily aimed at exploring avenues to reduce petrol prices in Nigeria following a decline in global crude oil tensions, particularly after easing geopolitical pressure in the Middle East that had previously triggered price increases.

Stakeholders present at the meeting included the Federal Competition and Consumer Protection Commission (FCCPC) alongside key industry players such as TotalEnergies, Eterna, Matrix Energy, DPRP, MEMAN, DAPPMAN, IPMAN, NARTO, and officials of the NMDPRA.

Speaking during the engagement, the Authority Chief Executive of the NMDPRA, Rabiu Umar, noted that the meeting was convened on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri. He explained that although global crude prices had begun to moderate following reduced international tensions, Nigeria had not fully benefitted from the downward trend.

Umar emphasized that the forum was not intended to impose price controls but to foster collaboration among stakeholders in the downstream petroleum sector. He added that discussions focused on market dynamics, inventory management, and strategies to strengthen national energy security, including improved implementation of the National Strategic Stock (NSS).

He further stated that the government was committed to an open and transparent dialogue with industry players to address challenges affecting pricing and distribution in the domestic fuel market.