The Federal Government has announced plans to hold a consultative meeting with refiners, depot owners, marketers, and retailers on Tuesday in a bid to find common ground on the competitive pricing of fuel and other petroleum products in the interest of Nigerians.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a notice issued by its spokesperson, George Ita-Ene, reminded stakeholders of the scheduled meeting, disclosing that it was being convened in compliance with the Petroleum Industry Act and the Federal Competition and Consumer Protection Act.
The development comes as fuel pump prices rose significantly to between N1,395 and N1,450 per litre in Abuja and other parts of the country, sparking public concern over the rising cost of living.
Meanwhile, falling global crude oil prices have pushed both Brent and West Texas Intermediate (WTI) down by more than 3 percent, settling at $100.50 and $92.43 per barrel, respectively, at the time of reporting.
Following the drop in crude prices, Dangote Refinery announced a N25 per litre reduction in its gantry price to N1,325 per litre on Monday, a move that ended a more than two-week-long increase in fuel prices across the country.
With the 700,000-barrel-per-day refinery cutting its gantry price, pump prices may begin to fall nationwide in the coming days, as petrol marketers weigh their options ahead of Tuesday’s proposed meeting with the government.
Speaking on the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said that stakeholders would not rule out a possible fuel price reduction at the consultation with the NMDPRA, FCCPC, and other relevant bodies.
However, he dismissed the N500 per litre fuel price being demanded by the civil servants’ union, describing it as practically impossible given current market realities.
“Nigerians will always have the best from every one of us. The only thing is, we will not do it at our detriment, because we can’t go out and do it. But we will always do what we must have to do to give the best for the Nigerian,” he said.
Gillis-Harry further added, “A N500 per litre fuel price is not possible to happen. Unless we are talking about just destroying the country again, with subsidies that will not pay anybody. Those demanding N500 per litre fuel should go and build their refinery, get their logistics, and get their retail outlets to sell at N500 per litre.”
There are several news reports that civil servants under the Joint National Public Service Negotiating Council had earlier written to President Bola Tinubu, demanding either a reduction in fuel pump price to N500 per litre or an increase in minimum wage to N500,000.
Behind the Meeting: Nigeria’s Ongoing Fuel Price Tussle
Fuel pricing has remained a flashpoint issue since subsidy removal in 2023, with prices fluctuating alongside global crude movements and local refining dynamics.
Dangote Refinery’s entry into full-scale production has repeatedly influenced pump prices nationwide, often forcing marketers to adjust their own rates in response to gantry price changes.
Tuesday’s meeting is expected to shape how stakeholders navigate the delicate balance between profitability and affordability, as Nigerians continue to push back against rising fuel costs.
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