The Federal Government has directed petroleum marketers to immediately reduce the pump prices of Premium Motor Spirit, also known as petrol, in line with the recent decline in global crude oil prices.
Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, gave the directive in Abuja during the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority General Counsel and Legal Advisers Forum.
He said with the easing of tensions between Iran and the United States, global oil prices have fallen, and consumers should benefit from corresponding reductions in the prices of petroleum products.
The minister warned marketers against taking undue advantage of the deregulated downstream petroleum sector to make excessive profits at the expense of Nigerians.
He stressed that while market forces would determine prices under deregulation, regulators have a responsibility under the Petroleum Industry Act to ensure consumers are not exploited.
Meanwhile, the Federal Competition and Consumer Protection Commission has also expressed concern over the slow pace of petrol price reductions despite falling international crude oil prices, warning that operators engaging in unfair pricing practices could face regulatory sanctions.
As at yesterday, many fuel stations within Benin City metropolis, including the NNPC at Sapele road are still selling for 1 thousand, 310 naira more than 5 day after the crude oil price dropped to 73 dollars per barrel; the price recorded before the US/Iran war when fuel was retailing for 850 in Nigeria.