The Federal Government has directed petroleum marketers to immediately reflect the recent decline in global crude oil prices by reducing pump prices of Premium Motor Spirit (PMS) and other petroleum products across Nigeria.
The directive was issued by the Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum held in Abuja.
Lokpobiri said the easing of geopolitical tensions, particularly between the United States and Iran, had contributed to a drop in global oil prices and should translate into lower fuel costs at the pump.
He expressed concern that the expected price reduction had not yet been fully implemented by marketers, warning against practices that could amount to excessive profiteering under the deregulated market system.
The minister stressed that while Nigeria’s deregulated downstream sector allows market-driven pricing, regulators must ensure consumers are not exploited.
He said regulatory agencies have a statutory responsibility under the Petroleum Industry Act (PIA) 2021 to ensure fairness, transparency and consumer protection.
“For too long, the dominant question has been compliance. That is no longer sufficient. The real question now is regulatory certainty and investor confidence,” he said.
Lokpobiri also raised concerns about fuel measurement integrity, insisting that consumers must receive full value for what they pay for at filling stations.
“When a consumer pays for 10 litres of PMS, they should receive exactly 10 litres,” he stated.
He urged regulators to strengthen monitoring systems to prevent under-dispensing and other unethical practices in the downstream sector.
According to the minister, investors are more likely to commit capital in environments with clear, stable and predictable regulations.
He noted that Nigeria’s petroleum sector is entering a new phase driven by increased domestic refining capacity, private sector participation, and expanding midstream and downstream opportunities.
Lokpobiri added that initiatives such as the Dangote Refinery and other ongoing projects were helping to improve fuel availability and reduce scarcity.
He described legal advisers in the sector as strategic partners who help shape regulatory frameworks, investment decisions and national development outcomes.
The minister urged continuous collaboration between government, regulators, industry operators and legal professionals to strengthen governance and attract long-term investments.
He expressed optimism that recommendations from the forum would improve transparency, regulatory efficiency and investor confidence in Nigeria’s petroleum industry.
