The Federal Government has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to closely monitor fuel pricing across the country and ensure petroleum marketers do not exploit Nigerians through arbitrary pump price increases.
Politics Nigeria reports that the directive was given by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during the NMDPRA General Counsel and Legal Advisers Forum held in Abuja.
The minister said that although the downstream petroleum sector has been fully deregulated, operators must not use deregulation as an excuse to impose unfair prices on consumers.
Lokpobiri noted that many Nigerians expected a drop in petrol prices following the recent decline in global crude oil prices and easing tensions in the Middle East. According to him, the reduction in international crude prices should ordinarily reflect in local pump prices of Premium Motor Spirit (PMS), widely known as petrol.
However, he expressed concern that this expected adjustment
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