FG urges nationwide fuel price cut after Brent crude drops below $70
FG urges marketers to slash petrol prices after Brent crude fell from about $118 a barrel earlier this year to below $70. Minister of state for Petroleum Resources (Oil) Heineken Lokpobiri made the call Monday at a stakeholders’ meeting with marketers and downstream petroleum sector operators, including officials from the FCCPC, Dangote Refinery, MEMAN, DAPPMAN, IPMAN, NARTO and PETROAN.
He said the price of fuel should reflect what is going on now, urging marketers to pass cost reductions to consumers. Lokpobiri queried why retail pump prices for Premium Motor Spirit (PMS) and other petroleum products have not fallen in line with lower international replacement costs. He stressed that deregulation did not mean allowing ‘excessive profits’, adding that government prefers frank talks over heavy-handed enforcement.
The minister emphasized that marketers must build consensus on how to lower pump prices without killing business viability, saying, “We would rather sit down with you and agree a practical framework than try to impose measures we cannot effectively enforce.”
While no new pump price was announced, the meeting signals government pressure to align retail costs with falling international oil prices. Consumers may see relief at the pump if marketers comply, but timing and magnitude remain uncertain.
Will marketers actually reduce prices, and if so, by how much and when should you expect cheaper fuel at the pump?