Nigeria's federal government has instructed the country's downstream petroleum regulator to ensure fuel marketers do not exploit consumers by keeping petrol prices elevated despite a sharp decline in global crude oil prices.
Speaking at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja on Monday, June 29, 2026, Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri said deregulation of the downstream sector should not become a licence for excessive pricing.
His remarks come after international benchmark crude prices retreated from about $120 per barrel during heightened geopolitical tensions to around $72 per barrel last week following the easing of tensions in the Middle East. Despite the decline, retail petrol prices in Nigeria have remained largely unchanged.
"Following the de-escalation of tensions between Iran and the United States, we expected to see commensurate downward adjustment in the prices of PMS and other petroleum products. However, that has not yet happened," Lokpobiri said.
He directed the NMDPRA to exercise its statutory powers under the Petroleum Industry Act (PIA) to prevent deregulation from becoming "an avenue for profiteering", while allowing market forces to operate.
