BREAKING: FG, holds closed-door meeting with Dangote Refinery, PETROAN over petrol price reduction

The Federal Government on Monday held a closed-door meeting with the management of the Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) to discuss measures aimed at reducing the pump price of petrol across the country.

The meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, focused on ensuring Nigerians benefit from the recent decline in global crude oil prices following the easing of tensions in the Middle East.

Also in attendance were representatives of the Federal Competition and Consumer Protection Commission (FCCPC), as well as major stakeholders in the downstream petroleum sector.

Participants included executives from TotalEnergies, Eterna Plc, Matrix Energy Group, the Major Energy Marketers Association of Nigeria (MEMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Nigerian Association of Road Transport Owners (NARTO), and other industry players.

Speaking during the meeting, the Chief Executive of the NMDPRA, Rabiu Umar, said the engagement was convened on the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.

According to Umar, although global crude oil prices have moderated following reduced geopolitical tensions, Nigeria has yet to experience the full benefit of the price decline.

“We have witnessed a welcome easing of those tensions, which has driven a downward shift and moderation in global crude oil prices,” he said.

He explained that the meeting was not intended to impose prices on market operators but to identify collaborative solutions.

“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,” Umar added.

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