By Obas Esiedesa, Abuja
The Federal Government on Monday mounted fresh pressure on petroleum marketers to reduce the pump price of Premium Motor Spirit also known as petrol, insisting that the sharp decline in international crude oil prices should be reflected in retail fuel prices across the country.
Speaking at the Stakeholders’ Meeting on Cost-Reflective Pricing of PMS in Abuja, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the era of full deregulation does not permit excessive profiteering at the expense of Nigerians.
The meeting was attended by the representatives of the Dangote Refinery, Major Energy Marketers Association of Nigeria (MEMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Nigerian Association of Road Transport Owners (NARTO), and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
According to the Minister, while the government had no objection when petrol prices rose in response to higher crude oil prices, there is now no justification for maintaining high pump prices when global oil prices have fallen significantly.
