Reduce pump prices immediately — FG to Marketers

The Federal Government has ordered petroleum marketers to immediately reduce pump prices for Premium Motor Spirit (PMS) and other refined products.

The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri issued the directive during the 2026 NMDPRA General Counsel and Legal Advisers Forum in Abuja.

Speaking, he emphasized that the de-escalation of geopolitical tensions between Iran and the United States has driven international crude oil prices lower, meaning local fuel prices must change accordingly to offer relief to consumers.

While acknowledging that market forces dictate pricing structures under the current deregulated framework, the Minister cautioned operators against exploiting consumers or turning deregulation into a tool for excessive profiteering.

He reminded regulatory authorities of their statutory mandate under the Petroleum Industry Act (PIA) 2021 to police the market effectively, protect consumer interests, and ensure absolute compliance with standard product measurements.

Lending its voice to this position, the Federal Competition and Consumer Protection Commission (FCCPC) expressed its own concerns regarding the slow pace at which local refiners, retailers, and depot owners have implemented retail cuts relative to the steep drop in international oil prices, warning that non-compliant firms could face strict regulatory penalties for unfair pricing practices.