Oluwatobi Adu 
ABUJA, Nigeria – The Federal Government has directed petroleum marketers to reflect declining international crude oil prices in the pump prices of Premium Motor Spirit and other petroleum products, stressing that consumers should benefit from current market realities.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, gave the directive on Monday at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority General Counsel and Legal Advisers Forum in Abuja.
Lokpobiri said easing geopolitical tensions involving Iran and the United States had contributed to lower crude oil prices globally and urged marketers to adjust domestic prices accordingly.
He said the deregulation policy introduced by President Bola Tinubu had eliminated artificial fuel shortages and strengthened Nigeria’s energy supply chain.
According to him, the operationalisation of local refineries, particularly the Dangote Refinery, has improved product availability and enhanced energy security.
“Since 2023, Nigerians have enjoyed relatively stable product availability despite international disruptions. This demonstrates that deregulation is working and that the market is becoming more resilient,” he said.
The minister, however, warned against profiteering and called on regulators to ensure that operators comply with market realities.
“For too long, the dominant question has been whether operators are complying. Today, the more important question is whether regulators are providing clarity, consistency and certainty needed to encourage long-term investment,” Lokpobiri said.
He urged regulators and legal advisers to collaborate with industry players to improve policy implementation, dispute resolution mechanisms and consumer protection.
The minister also emphasised the need for accurate fuel dispensing at filling stations.
“Consumers paying for a specific volume of fuel must receive exactly what they paid for. Accountability remains essential in a deregulated market,” he said.
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Mirian Gom 
