The Federal Government has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure that petroleum marketers do not exploit Nigerians through excessive pricing under the deregulated downstream market.
Vanguard reported that the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the directive on Monday in Abuja while delivering the keynote address at the 2026 NMDPRA General Counsel and Legal Advisers Forum.
Lokpobiri said although the downstream sector had been fully deregulated, the regulator must ensure that deregulation does not become an avenue for profiteering at the expense of consumers.
According to the minister, following the de-escalation of tensions in the Middle East and the decline in global crude oil prices, Nigerians expected corresponding reductions in the pump prices of petrol.
He said this has not happened, as refiners and marketers have continued to sell at elevated pump prices despite a significant reduction in crude oil price from a peak of $120 per barrel to $72 per barrel last week.
Lokpobiri said the regulator has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering, adding that this must be done in line with the Petroleum Industry Act.
The minister also charged the authority to intensify monitoring and enforcement to protect consumers and ensure that market forces operate fairly in both directions.
Sources: Vanguard
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