The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said it is working with industry stakeholders to ensure that the pump price of Premium Motor Spirit (PMS) reflects prevailing market realities.
The Authority Chief Executive, NMDPRA, Mr Rabiu Umar, made this known at a stakeholders’ meeting on cost-reflective pricing of PMS on Monday in Abuja.
Umar said the meeting, convened at the directive of the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, aimed at addressing the disconnect between declining global crude oil prices and domestic retail fuel prices.
“Over the past six months, we have navigated considerable volatility in the international crude oil market. We watched prices surge due to heightened geopolitical tensions and global conflicts.
“Recently, we have witnessed a welcome easing of those tensions, which has driven a downward shift and moderation in global crude prices.
