The Federal Government on Monday met behind closed doors with officials of the Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) to discuss petrol pricing in the country.
The meeting, held at the Abuja headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), aimed at pushing down petrol prices following eased tensions in the Middle East that had earlier triggered a price spike.
Also present were officials of the Federal Competition and Consumer Protection Commission (FCCPC) and other stakeholders in the oil and gas sector, including representatives from TotalEnergies, Eterna, Matrix Energy, the Depot and Petroleum Products Retailers Association of Nigeria (DPRP), the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Nigerian Association of Road Transport Owners (NARTO).
The NMDPRA’s Chief Executive, Rabiu Umar, said the meeting was called on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
Umar noted that Nigeria had not fully benefited from recent declines in global crude oil prices, which followed the easing of tensions between the United States and Iran.
He stressed that the meeting was not meant to dictate terms to industry players but to foster collaboration.
“We have witnessed a welcome easing of those tensions, which has driven a downward shift and moderation in global crude oil prices,” he said.
“We want to engage in an open, transparent, and solution-oriented dialogue. We want to hear your challenges, discuss market surveillance, look into inventory management, and align on how we can collectively accelerate key mechanisms like the National Strategic Stock to protect our national energy security,” he added.
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