Nigeria government urges petrol price cuts

The Nigerian government has convened an emergency meeting with oil industry stakeholders, pressing for a reduction in domestic petrol prices to reflect the recent sharp decline in global crude oil costs. The meeting, held in Abuja on Monday, July 6, brought together regulators, refiners, and marketers to address what officials described as a disconnect between falling international prices and sustained high retail costs for consumers.

Minister of State for Petroleum Resources Heineken Lokpobiri directed the gathering, arguing that while a fully deregulated market allowed prices to rise when crude oil was expensive, the subsequent drop must be passed on to Nigerians. He noted that Brent crude, which had surged to over $118 per barrel in April amid geopolitical tensions, had since moderated to around $70-$72 per barrel. Lokpobiri stated that deregulation was never intended to permit excessive profiteering and warned that sustaining high energy prices would fuel inflation and hurt the economy.

Rabiu Umar, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), echoed the minister's concerns. He said the domestic retail market had not...