Minister of State Petroleum Resources (Oil) Senator Heineken Lokpobiri yesterday called for a proportional reduction in the retail pump price of petrol in line with the steep decline in global crude oil price.
He said that while the escalation of the US- Israel Iran war that raised crude oil to $126 per barrel had seen the price of Premium Motor Spirit (PMS) as high as N1,400 per litre, the de-escalation of the tension and subsequent crash of crude oil to as low as $72 per barrel has not reflected on petrol price, which still sells as high as N1,320 per litre in Nigeria.
Lokpobiri’s comment came on the heels of warning by the Federal Competition & Consumer Protection Commission (FCCPC) that it could wield the big stick against oil operators engaging in profiteering.
Last week, United States President Donald Trump in the same vein ordered the department of justice (JOD) to investigate refiners and markets who have refused to bring down their petrol pump prices in line with the crash of crude prices in the international market.
According to Lokpobiri, following the de-escalation of tensions between Iran and the United States, there was expectation of commensurate downward adjustment in the prices of petrol and other petroleum products, but this has not yet happened.
He however warned that while market forces are expected to bring about an equilibrium, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) must not allow deregulation to be the reason for profiteering.
He insisted that the market must be in accordance with the stipulations of the Petroleum Industry Act (PIA).
Lokpobiri spoke at NMDPRA General Counsel and Legal Advisers Forum 2026 in Abuja.
The theme of the event was ‘Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector’.
The Minister also raised a conversation around the dispensation of the accurate quantity of products.
He asked what the NMDPRA is doing to ensure the sale of the actual quantity the consumer pays for.
‘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 Premium Motor Spirit (PMS), they should receive exactly 10 litres, not less’, Lokpobiri said.
