The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has directed petroleum marketers to reduce the pump prices of Premium Motor Spirit (PMS) and other petroleum products to reflect the recent decline in global crude oil prices.
Speaking on Monday in Abuja at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority General Counsel and Legal Advisers Forum, Lokpobiri said the easing of tensions between Iran and the United States had led to a sharp fall in global oil prices, but consumers were yet to benefit at fuel stations.
The minister warned marketers against exploiting deregulation to make excessive profits, stressing that the Petroleum Industry Act 2021 empowers regulators to prevent profiteering while ensuring a fair and competitive market.
Lokpobiri also urged regulators to focus on creating a transparent, predictable regulatory environment that encourages long-term investment in the petroleum sector.
He credited President Bola Tinubu’s administration with fully deregulating the downstream sector, saying the reform had eliminated artificial fuel shortages and supported the operationalisation of the Dangote Refinery and other refining projects. He added that sustained investor confidence would depend on policy consistency, transparent regulation and efficient dispute resolution.
