The Federal Government will hold talks on Tuesday with refiners, depot owners, fuel marketers and retailers over the continued rise in petrol and other petroleum product prices.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the meeting in a notice signed by its spokesperson, George Ita-Ene, saying the consultation is being held in line with the Petroleum Industry Act and the Federal Competition and Consumer Protection Act.
The meeting is aimed at finding common ground on competitive pricing and shielding Nigerians from the effects of developments in the downstream petroleum sector.
It comes amid a fresh spike in pump prices, with petrol selling between ₦1,395 and ₦1,450 per litre in Abuja and other parts of the country.
The increase comes even as global crude prices fell, with Brent and West Texas Intermediate (WTI) crude dropping by more than three per cent to $100.50 and $92.43 per barrel respectively.
Against that backdrop, Dangote Refinery on Monday cut its gantry price by ₦25 per litre to ₦1,325 per litre, ending more than two weeks of rising petrol prices in the country. Pump prices could follow suit in the coming days as marketers weigh their options ahead of Tuesday’s meeting.
Reacting to the planned talks, PETROAN National President Billy Gillis-Harry said stakeholders would consider reducing petrol prices, but dismissed calls for ₦500 per litre as unrealistic under current market conditions.
He said PETROAN and other stakeholders would prioritise Nigerians’ interests without taking decisions that would put their businesses at risk, adding that anyone demanding ₦500 per litre should build their own refinery, logistics and retail network to sell at that price.
His comments followed a letter from the Joint National Public Service Negotiating Council to President Bola Tinubu, asking the government to either cut petrol pump prices to ₦500 per litre or raise the minimum wage to ₦500,000.
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