Nigeria: Govt Orders Marketers to Reduce Fuel Price
The regulator was told to curb profiteering and verify fuel volumes at stations as petrol prices stayed elevated despite falling crude costs, officials said.
- On Monday, the Federal Government directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure marketers do not exploit Nigerians through excessive pricing under the deregulated downstream petroleum market.
- Retail petrol prices remain elevated despite global crude oil costs falling from a peak of $120 to about $72 per barrel last week, as refiners and marketers continue selling inventory purchased at higher prices.
- Marketers are reducing prices gradually to recover significant losses incurred over the past 18 months, an industry operator explained, noting they must exhaust expensive existing stock before passing on savings from cheaper crude.
- The Nigeria Labour Congress blamed the Federal Government for the standoff, arguing that creating a downstream monopoly has allowed dominant players to dictate prices unchecked despite improved market indicators.
- Minister of State for Petroleum Resources Senator Heineken Lokpobiri urged the Authority to intensify monitoring, emphasizing that consumers must receive the exact quantity of product paid for, as mandated by the Petroleum Industry Act .
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17 Articles
Nigeria: Govt Orders Marketers to Reduce Fuel Price
LAGOS -- The Federal Government has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to ensure petroleum marketers do not exploit Nigerians through excessive pricing under the deregulated downstream petroleum market.
FG orders marketers to reduce fuel price
***Dangote Refinery determines price changes — Marketers ***NLC blames govt for fuel price standoff By Udeme Akpan, Energy Editor, Victor Young, Ediri Ejoh & Obas Esiedesa LAGOS — The Federal Government has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to ensure petroleum marketers do not exploit Nigerians through excessive pricing under the deregulated downstream petroleum market. Minister of State for P…
Declining crude prices don’t guarantee cheaper petrol –...
Two petroleum industry experts have said that declining global crude oil prices do not automatically translate into immediate reductions in petrol pump prices. The experts said this in separately with the News Agency of Nigeria (NAN) on Monday in Lagos, citing inventory costs, refining cycles and other market fundamentals. They said under Nigeria’s deregulated downstream petroleum market, government intervention is limited to ensuring fair compe…
FG Directs Fuel Marketers to Cut Petrol Prices Amid Falling Crude Oil Costs - NewsTmes.com.ng
By Abigail David The Federal Government has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure petroleum marketers do not exploit consumers through excessive fuel pricing despite the deregulated downstream market. Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the directive on Monday in Abuja during the NMDPRA General … The post FG Directs Fuel Marketers to Cut Petr…
Nigerian govt orders marketers to reduce fuel price
The post Nigerian govt orders marketers to reduce fuel price appeared first on Kemi Filani News. The Federal Government has instructed the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to make sure that petroleum marketers do not exploit Nigerians through excessive pricing under the deregulated downstream petroleum market. Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated this while d…
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