The Federal Government has warned petroleum marketers against using profits from previously acquired expensive fuel inventories as justification for maintaining high petrol prices, insisting that the benefits of lower replacement costs must be passed on to consumers.
The government said the continued disconnect between falling international crude oil prices and domestic petrol prices had become a source of concern, warning petroleum marketers against sustaining high pump prices of Premium Motor Spirit despite declining global crude prices and insisting that Nigerians should enjoy the benefits of lower replacement costs in a deregulated market.
The warning was issued during a stakeholders’ meeting on cost-reflective pricing of PMS held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority on Monday in Abuja.
PUNCH Online reports that the Federal Government convened a stakeholders’ meeting on the fair and cost-reflective pricing of Premium Motor Spirit, bringing together representatives of the Dangote Petroleum Refinery, the Federal Competition and Consumer Protection Commission, the Petroleum Products Retail Outlets Owners Association of Nigeria, and other key players in the downstream petroleum sector.
