Stakeholders in Nigeria’s downstream petroleum sector, including Dangote Refinery, depot owners, and fuel marketers, have agreed to further reduce the pump price of premium motor spirit (PMS) following a meeting with the federal government.
The meeting, held in Abuja with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), focused on cost-reflective pricing amid falling global crude oil prices.
NMDPRA chief executive, Rabiu Umar, stressed that petrol prices should decline in line with Brent crude, which currently trades at $72 per barrel.
Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed that prices would drop below current levels of ₦1,150–₦1,299 per litre in Abuja and surrounding areas.
He noted that if crude prices continue to fall, petrol could reach ₦1,000 or less per litre nationwide.
However, Gillis-Harry cautioned that marketers cannot be compelled to sell below cost, stressing that fuel pricing is driven by international market forces.
“Nobody is going
