The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has directed petroleum marketers to immediately reduce the pump prices of Premium Motor Spirit and other petroleum products to reflect the recent decline in global oil prices.
According to the News Agency of Nigeria, Lokpobiri issued the directive on Monday in Abuja at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority General Counsel and Legal Advisers Forum, themed “Beyond Compliance: Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”
He said that with the de-escalation of tensions between Iran and the United States, petroleum product prices were expected to adjust downward accordingly, but expressed concern that this expected reduction had yet to be reflected at the pumps.
Lokpobiri said that while market forces under Nigeria’s deregulated downstream regime would ultimately restore price equilibrium, marketers should not exploit current conditions to make excessive profits at the expense of consumers.
He said regulators have a statutory responsibility to ensure that deregulation does not become an avenue for profiteering, stressing that this must be carried out strictly in line with the provisions of the Petroleum Industry Act 2021.
“For too long, the dominant question in our regulatory conversations has been: are operators complying? That question matters. It will always matter. But it is no longer sufficient. The more consequential question today is this: are our regulatory authorities doing their job?” he queried.
“Is it clear, consistent and predictable enough to give investors the confidence they need to commit capital, not just for one cycle, but for the long term? Compliance is the foundation. Regulatory certainty is the ceiling we must now be building toward,” he added.
He warned that beyond pricing, regulators must also ensure consumers receive correct product quantities.
“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he said.
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