…says deregulation must not become an avenue for profiteering
As global energy markets breathe a sigh of relief following the de-escalation of tensions between the US and Iran, which has led to a drop in global crude oil prices, Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), has questioned why there is no commensurate downward adjustment in the prices of petrol across the country.
Lokpobiri, who addressed the 2026 ‘General Counsels and Legal Advisers forum’ in Abuja on Monday, emphasised that while the market forces are expected to restore equilibrium in fuel prices, the regulator has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering.
The tensions between the US and Iran had seen the global price of crude soaring to over $100 per barrel in the past months, and with that, retail prices of petrol increased from an average price of N800 per litre to N1400 across Nigeria.
However, BusinessDay’s check showed that while the global crude oil price has dropped to $72 per barrel, the decline is yet to reflect in the retail price of petrol in Nigeria, as most fuel stations still sell petrol at over N1,250 per litre.
