Middle East war: FG orders marketers to reduce petrol prices

The Federal Government has directed petroleum marketers to immediately reflect the recent decline in global oil prices by reducing the pump prices of Premium Motor Spirit (PMS) and other petroleum products.

The Minister of State for Petroleum Resources, Heineken Lokpobiri, gave the directive at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum held in Abuja on Monday, June 29, 2026.

Lokpobiri said with the de-escalation of tensions between the United States and Iran, there was an expectation that the prices of petrol and other petroleum products would be adjusted downward accordingly.

Lokpobiri expressed concern that the anticipated reduction had yet to be reflected at the pumps, stressing that while market forces under the deregulated regime would ultimately restore price equilibrium, marketers should not exploit the situation to make excessive profits.

The minister said the regulator has a statutory responsibility to ensure that deregulation did not become an avenue for profiteering, adding that this must be carried out in line with the provisions of the Petroleum Industry Act (PIA 2021).

Lokpobiri said: “For too long, the dominant question in our regulatory conversations has been: are operators complying? That question matters. It will always matter. But it is no longer sufficient.

“The more consequential question today is this: are our regulatory authorities doing their job? Is it clear, consistent and predictable enough to give investors the confidence they need to commit capital, not just for one cycle, but for the long term?

“Compliance is the foundation. Regulatory certainty is the ceiling we must now be building toward.”

Dangote refinery reduces petrol gantry price

Lokpobiri, while urging marketers to comply with the principles of fair pricing to ensure that consumers benefit from the prevailing market realities, urged regulators to move beyond compliance by promoting regulatory certainty to attracting long-term investments.

He added: “The sector is now fully deregulated, a bold reform that President Bola Tinubu had the courage to implement. That decision paved way for the operationalisation of the Dangote Refinery and other refinery projects currently underway.

“It also ensured that artificial scarcity has become a thing of the past.

“You can attest to the fact that since 2023 there has been availability of products in country even with the recent challenges posed by the U.S.-Iran conflict.

“Beyond allowing prices to be determined by market forces, the question is: what is the regulator doing to ensure that consumers receive the correct quantity of product?

“When someone pays for 10 litres of petrol, they should receive exactly 10 litres, not less.”

The minister, therefore, expressed confidence that the recommendations from the forum would contribute to improving governance, regulatory certainty, and investment confidence in Nigeria’s petroleum sector.