The Federal Government has directed petroleum marketers to immediately reduce the pump prices of Premium Motor Spirit (PMS) and other petroleum products following the recent decline in global crude oil prices.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, gave the directive on Monday at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja.
Lokpobiri said the easing of tensions between Iran and the United States had led to lower global oil prices, adding that the reduction should be reflected at filling stations across the country.
He warned marketers against taking advantage of the deregulated market to make excessive profits, stressing that consumers deserve to benefit from prevailing market conditions.
The minister also urged regulators to ensure fair pricing and accurate fuel dispensing, insisting that Nigerians should receive the exact quantity of fuel they pay for.
He added that while deregulation has improved fuel availability and encouraged investments such as the Dangote Refinery, regulatory certainty and transparency remain key to attracting more investment into Nigeria’s petroleum sector.