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 gave the directive at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum on Monday in Abuja.
The forum is themed “Beyond Compliance Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”
Lokpobiri said that with the de-escalation of tensions between Iran and the United States, there was an expectation that the prices of PMS and other petroleum products would be adjusted downward accordingly.
He expressed concern that the anticipated reduction had yet to be reflected at the pumps, stressing that while market forces under the deregulated regime would ultimately restore price equilibrium, marketers should not exploit the situation to make excessive profits.
