Minister Orders Marketers to Cut Petrol Prices as Global Oil Falls 

Minister of State for Petroleum Resources Heineken Lokpobiri has directed petroleum marketers to reduce pump prices of Premium Motor Spirit, PMS, to reflect falling global oil prices. 

Lokpobiri gave the directive Monday at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, General Counsel and Legal Advisers Forum in Abuja. The forum had the theme “Beyond Compliance: Certainty and Investment Confidence in Nigeria’s Petroleum Sector.” 

He said reduced tensions between Iran and the United States should lead to lower PMS and other petroleum product prices, but the cuts had not reached consumers. 

“Market forces under the deregulated regime will ultimately restore price equilibrium, but marketers should not exploit the situation to make excessive profits,” Lokpobiri said. 

The minister said regulators must ensure deregulation does not become an avenue for profiteering, in line with the Petroleum Industry Act of 2021. He urged NMDPRA to move “beyond compliance” to provide regulatory certainty for long-term investment. 

“Compliance is the foundation. Regulatory certainty is the ceiling we must now be building toward,” he said. 

Lokpobiri also said regulators must ensure consumers receive accurate quantities. “When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he said. 

He said President Bola Tinubu’s deregulation policy had ended artificial scarcity and enabled projects like the Dangote Refinery. Products have remained available since 2023 despite global conflicts, he added. 

Lokpobiri described general counsel as strategic partners who should help shape regulation and flag rules that create investment uncertainty. He said Nigeria’s sector is entering a new phase with more domestic refining and private sector participation. 

He said attracting investment will require policy consistency, transparent regulation, efficient dispute resolution and collaboration among government, regulators and industry.