Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has emphasized the need for a proportional reduction in the retail pump price of petrol, following the sharp fall in global crude oil prices.
Lokpobiri noted that during the escalation of the U.S.–Israel–Iran conflict, crude oil prices surged to $126 per barrel, driving the cost of Premium Motor Spirit (PMS) to as high as ₦1,400 per litre.
However, with the subsequent easing of geopolitical tensions, crude oil prices have dropped significantly to around $72 per barrel. Despite this steep decline, petrol prices in Nigeria remain elevated, averaging ₦1,320 per litre.
The Minister stressed that such a disparity undermines the principle of market responsiveness and places an unnecessary burden on consumers. He called on relevant stakeholders in the downstream sector to ensure that the benefits of falling crude oil prices are transparently passed on to Nigerians through reduced pump prices.
Lokpobiri reiterated that aligning petrol prices with global crude oil trends is essential not only for fairness but also for restoring public confidence in the deregulated petroleum market.
Lokpobiri’s comment came on the heels of warning by the Federal Competition & Consumer Protection Commission (FCCPC) that it could wield the big stick against oil operators engaging in profiteering.
Last week, United States President Donald Trump in the same vein ordered the department of justice (JOD)
to investigate refiners and markets who have refused to bring down their petrol pump prices in line with the crash of crude price in the international market.
According to Lokpobiri, following the de-escalation of tensions between Iran and the United States, there was expectation of commensurate downward adjustment in the prices of petrol and other petroleum products, but this has not yet happened.
He however warned that while market forces are expected to bring about an equilibrium, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) must not allow deregulation to be the reason for profiteering.
He insisted that the market must be in accordance with the stipulations of the Petroleum Industry Act (PIA).
Lokpobiri spoke at NMDPRA General Counsel and Legal Advisers Forum 2026 in Abuja.
The theme of the event was “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”
The Minister also raised a conversation around the dispensation of the accurate quantity of products.
He asked what the NMDPRA is doing to ensure the sale of the actual quantity the consumer pays for.
“Beyond allowing prices to be determined by market forces, the question is: what is the regulator doing to ensure that consumers receive the correct quantity of product?
“When someone pays for 10 litres of Premium Motor Spirit (PMS), they should receive exactly 10 litres, not less,” Lokpobiri said.
.
