Fuel Price: FG Meets Refiners, Marketers As Petrol Hits ₦1,450

The Federal Government is set to meet with refiners, depot owners, fuel marketers and retailers on Tuesday over the rising prices of petrol and other petroleum products.

The meeting is aimed at finding common ground on competitive pricing and ensuring that Nigerians are not unduly affected by developments in the downstream petroleum sector, Naija News understands.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the meeting in a notice signed by its spokesperson, George Ita-Ene.

According to the authority, the consultation is being held in line with the Petroleum Industry Act and the Federal Competition and Consumer Protection Act.

The meeting comes amid a fresh increase in petrol prices, with the product selling for between ₦1,395 and ₦1,450 per litre in Abuja and other parts of the country.

The development came as global crude oil prices fell, with Brent and West Texas Intermediate (WTI) crude dropping by more than three per cent to $100.50 and $92.43 per barrel respectively, at the time of reporting.

Against the backdrop of the decline in crude prices, Dangote Refinery on Monday reduced its gantry price by ₦25 per litre, bringing it down to ₦1,325 per litre.

The reduction ended more than two weeks of rising petrol prices in Nigeria.

With the 700,000-barrel-per-day refinery cutting its price, pump prices could also come down in the coming days as marketers consider their options ahead of the government’s meeting with industry stakeholders.

Reacting to the planned meeting, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said stakeholders would consider the possibility of reducing petrol prices.

He, however, said a demand for petrol at ₦500 per litre was not realistic under the current market conditions.

Gillis-Harry said PETROAN and other stakeholders would put the interests of Nigerians first, but would not take decisions that would put their businesses at risk.

“Nigerians will always have the best from every one of us. The only thing, we will not do it at our detriment, because we can’t go out and do it. But we will always do what we must have to do to give the best for the Nigerian,” he told Daily Post.

He added that selling petrol at ₦500 per litre was not possible under the current conditions.

“₦500 per litre fuel price is not possible to happen. Unless we are talking about just destroying the country again, with subsidies that will not pay anybody.

“Those demanding ₦500 per litre fuel should go and build their refinery and get their logistics, and get their retail outlets to sell at ₦500 per litre,” he said.

Civil servants under the Joint National Public Service Negotiating Council had earlier written to President Bola Tinubu, asking the Federal Government to either reduce petrol pump prices to ₦500 per litre or increase the minimum wage to ₦500,000.