Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has directed petroleum marketers across the country to immediately reflect the recent decline in global crude oil prices by reducing the pump prices of Premium Motor Spirit (PMS) and other petroleum products.
Lokpobiri issued the directive on Monday in Abuja during the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum themed “Beyond Compliance: Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”
The minister said the easing of geopolitical tensions between Iran and the United States had contributed to a decline in international crude oil prices, creating expectations that domestic fuel prices would also moderate.
According to him, Nigerians should benefit from favourable market conditions, especially under the country’s deregulated petroleum market.
“With the de-escalation of tensions between Iran and the United States, there is an expectation that the prices of PMS and other petroleum products will adjust downward accordingly,” he said.
Lokpobiri expressed concern that despite falling global oil prices, the anticipated reduction had yet to be fully reflected at filling stations nationwide.
He warned marketers against taking advantage of the deregulated market environment to make excessive profits at the expense of consumers, stressing that while market forces remain the primary determinant of prices, regulators have a responsibility to prevent exploitation.
“The regulator has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering,” the minister said, adding that the provisions of the Petroleum Industry Act (PIA) 2021 must guide market operations.
