Nigeria's government has intensified pressure on fuel marketers to reduce petrol prices, arguing that current pump prices no longer reflect falling global crude oil costs, while independent marketers say prices could eventually fall below N800 ($0.58) per litre if wholesale supply costs continue to decline.
The fresh developments emerged after a closed-door meeting between the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, the Dangote Petroleum Refinery, and key downstream industry groups in Abuja.
The meeting comes as Nigerians continue to question why retail fuel prices have remained relatively high despite a sharp decline in international crude oil prices over recent months.
Speaking to journalists after the meeting, Lokpobiri said the government believes current petrol prices are no longer aligned with prevailing market realities.
"My own opinion is that the current prices are not cost reflective," the minister said, adding that the price consumers pay "is not reflective of the cost of crude oil."
