The Federal Government is set to meet with refiners, depot owners, petroleum marketers and retailers on Tuesday to discuss the recent increase in petrol prices across the country.
The meeting, convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), is expected to focus on pricing and developments in the downstream petroleum sector.
NMDPRA spokesperson, George Ita-Ene, said the engagement was organised in line with provisions of the Petroleum Industry Act and the Federal Competition and Consumer Protection Act.
The meeting comes amid a fresh increase in the pump price of petrol, with the product currently selling for between ₦1,395 and ₦1,450 per litre in Abuja and some other parts of the country.
The latest price increase occurred despite a decline in international crude oil prices. At the time of the report, Brent crude had fallen by more than three per cent to about $100.50 per barrel, while West Texas Intermediate (WTI) crude dropped to approximately $92.43 per barrel.
Against this backdrop, Dangote Refinery on Monday reduced its petrol gantry price by ₦25 per litre, bringing it down to ₦1,325 per litre.
The reduction came after more than two weeks of increases in petrol prices and raised expectations that pump prices could also decline as marketers adjust their prices.
Ahead of the government meeting, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said stakeholders would consider measures that could lead to a reduction in petrol prices.
However, he said selling petrol at ₦500 per litre was not realistic under the current market conditions.
Gillis-Harry said PETROAN and other industry stakeholders would continue to consider the interests of consumers but would also ensure that their businesses remained viable.
He argued that achieving a ₦500 per litre pump price would require conditions that were currently not available in the market.
His position followed a demand by civil servants under the Joint National Public Service Negotiating Council, who had asked the Federal Government to either reduce petrol prices to ₦500 per litre or increase the minimum wage to ₦500,000.
The outcome of Tuesday’s meeting is expected to provide further direction on petrol pricing and other issues affecting consumers and operators in the downstream petroleum sector.
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