The Nigerian government has directed the downstream petroleum regulator to stop fuel marketers from taking advantage of consumers by keeping petrol prices high despite a major drop in global crude oil prices.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the directive at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja.
Lokpobiri said crude oil prices had fallen from about $120 per barrel during recent geopolitical tensions to around $72 per barrel, but petrol prices at Nigerian filling stations had remained mostly unchanged.
He said the easing of tensions in the Middle East should have resulted in a reduction in the price of Premium Motor Spirit (PMS), but that adjustment had not happened.
The minister instructed the NMDPRA to use its powers under the Petroleum Industry Act (PIA) to ensure that deregulation of the fuel market does not become a way for marketers to engage in excessive profiteering.
He also ordered stricter monitoring of petrol stations, warning that consumers must receive the exact quantity of fuel they pay for.
“When a customer pays for 10 litres of petrol, they must receive exactly 10 litres and not less,” Lokpobiri said.
Nigeria removed fuel subsidies and fully deregulated the downstream petroleum sector, allowing market forces to determine pump prices. However, the policy has continued to face public criticism due to rising transport costs and inflation.
The minister added that deregulation had improved energy security, noting that increased domestic refining capacity helped Nigeria avoid fuel shortages during recent international tensions.
NMDPRA Chief Executive Rabiu Umar said the agency would continue working to create a petroleum industry based on transparency, stability and investor confidence.
The government’s latest move comes as Nigeria seeks to attract more investment into its oil and gas sector while responding to public concerns over high fuel costs.
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