Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has directed petroleum marketers to immediately reduce the pump price of Premium Motor Spirit (PMS) and other petroleum products to reflect the recent drop in global oil prices.
Speaking at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja on Monday, Lokpobiri noted that easing tensions between Iran and the United States had driven oil prices downward, and consumers should benefit accordingly.
He expressed concern that the anticipated reduction had not yet been reflected at filling stations, warning marketers against exploiting deregulation to make excessive profits. He stressed that regulators must ensure compliance with the Petroleum Industry Act (PIA 2021) and protect consumers.
“The sector is now fully deregulated, a bold reform that President Bola Tinubu had the courage to implement. That decision paved the way for the operationalisation of the Dangote Refinery and other refinery
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