Abuja: Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, has directed petroleum marketers to immediately reflect the recent decline in global oil prices by reducing the pump prices of Premium Motor Spirit (PMS) and other petroleum products. Lokpobiri issued this directive at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum on Monday.
According to News Agency of Nigeria, Lokpobiri highlighted the expectation for a downward adjustment in PMS prices due to the easing of tensions between Iran and the United States. He expressed concern that this anticipated reduction had not yet been implemented at the pumps. While emphasizing that market forces under the deregulated regime would eventually restore price equilibrium, he cautioned marketers against exploiting the situation for excessive profits.
The minister stressed the regulator’s statutory responsibility to prevent deregulation from becoming a means for profiteering, in line with the Petroleum Industry Act (PIA 2021). He noted the importance of ensuring that regulatory authorities provide clear and consistent frameworks to instill investor confidence for long-term commitments.
Lokpobiri urged marketers to adhere to fair pricing principles to ensure consumers benefit from current market conditions. He also encouraged regulators to prioritize regulatory certainty to attract long-term investments. He praised the full deregulation of the sector as a significant reform implemented by President Bola Tinubu, which has facilitated the operationalization of the Dangote Refinery and other projects, eliminating artificial scarcity.
Emphasizing the importance of regulatory compliance, Lokpobiri called for consumer protection through accurate product delivery. He pointed out that investors are increasingly drawn to jurisdictions with predictable regulatory environments, where general counsel play a vital role in shaping investment decisions and regulatory frameworks.
He concluded by expressing confidence that the forum’s recommendations would enhance governance, regulatory certainty, and investment confidence in Nigeria’s petroleum sector, as the country enters a new phase of expanding domestic refining capacity and increased private sector participation.