The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has directed petroleum marketers to immediately adjust the pump prices of Premium Motor Spirit (PMS), also known as petrol, and other petroleum products to reflect the recent decline in global crude oil prices.
Lokpobiri gave the directive on Monday while speaking at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja.
The forum, themed “Beyond Compliance: Certainty and Investment Confidence in Nigeria’s Petroleum Sector,” focused on strengthening regulatory frameworks to attract investment into the country’s oil and gas industry.
The minister said the easing of tensions between Iran and the United States had contributed to a drop in global oil prices, adding that consumers should benefit from the development through lower pump prices.
He expressed concern that marketers had yet to pass on the anticipated price reduction to Nigerians, warning that the deregulated petroleum market should not be exploited for excessive profiteering.
According to Lokpobiri, while market forces would eventually restore price equilibrium, regulators have a statutory responsibility under the Petroleum Industry Act (PIA) 2021 to ensure deregulation does not become an avenue for unfair pricing.
“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,” he said.
“The more consequential question today is this: are our regulatory authorities doing their job? 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.”
Lokpobiri urged petroleum marketers to embrace fair pricing practices so that Nigerians could enjoy the benefits of prevailing global market conditions.
He also called on regulators to move beyond enforcement by creating a transparent and predictable regulatory environment capable of attracting long-term investments into the sector.
Describing the deregulation of the downstream petroleum sector as a bold reform implemented by President Bola Tinubu, the minister said the policy had paved the way for the operationalisation of the Dangote Refinery and other refinery projects, while eliminating the persistent fuel shortages that previously plagued the country.
He noted that despite recent global supply concerns triggered by the US-Israel-Iran conflict, Nigeria had maintained a stable supply of petroleum products since 2023.
Lokpobiri further stressed the need for regulators to ensure consumers receive accurate fuel quantities at filling stations.
“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he warned.
The minister also charged legal advisers in the petroleum industry to serve as strategic partners by providing constructive feedback on policies and regulations that may discourage investment.
He said Nigeria’s petroleum sector is entering a new phase marked by expanding domestic refining capacity, greater private sector participation, and growing opportunities across the midstream and downstream segments.
According to him, sustained investment in the sector will depend on policy consistency, transparent regulation, efficient dispute resolution, and stronger collaboration among government, regulators, operators, and legal practitioners.
Lokpobiri expressed optimism that recommendations from the forum would strengthen governance, improve regulatory certainty, and boost investor confidence in Nigeria’s petroleum industry.
