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By By  Chuka Madu

 

The Federal Government has urged petroleum marketers to cut the price of petrol, saying Nigerians should benefit from the sharp drop in global crude oil prices instead of continuing to pay high rates at filling stations.

Speaking during a meeting with fuel marketers and other key players in the downstream oil sector on Monday, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said current pump prices no longer match the realities of the international oil market. He pointed out that Brent crude, which traded at around 118 dollars per barrel earlier this year, has now fallen below 70 dollars, making a strong case for lower fuel prices.

Lokpobiri questioned why the cost of Premium Motor Spirit (PMS), commonly known as petrol, and other petroleum products has remained largely unchanged despite the significant drop in international replacement costs. According to him, deregulation should encourage healthy competition and fair pricing, not create room for what he described as excessive profit-making at the expense of consumers.

The minister stressed that the government was not interested in forcing marketers into unrealistic decisions but preferred open discussions that would produce workable solutions. He said the aim was to find a balanced approach that would lower fuel prices for Nigerians while ensuring businesses in the sector remain sustainable and profitable.

He added that meaningful dialogue would achieve more than regulations that may prove difficult to enforce, urging stakeholders to jointly develop a practical framework that reflects current market conditions.

The meeting was organised by the sector regulator on the directive of the Ministry of Petroleum Resources. It brought together representatives of the Federal Competition and Consumer Protection Commission (FCCPC), Dangote Refinery, the Major Energies 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), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and other industry stakeholders.