Nigeria pushes down fuel prices after meeting with Dangote refinery and marketers

The Nigerian federal government convened a high‑level meeting at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja with the Dangote Petroleum Refinery, senior regulators and major fuel marketers. Minister of State for Petroleum Resources Heineken Lokpobiri warned that there was “no justification” for keeping pump prices high after Brent crude fell from about $118 to below $70 per barrel, and urged stakeholders to adopt cost‑reflective pricing.

Following the meeting, several refiners and depot operators announced modest reductions in ex‑depot prices – for example, Dangote cut its Lagos petrol price by N3 per litre and other marketers lowered prices by N4‑N8 per litre. Independent marketers, represented by IPMAN president Abubakar Shettima, said they are ready to push retail prices below N800 per litre if wholesale costs continue to fall, especially after Dangote agreed to sell directly to them. The NMDPRA was tasked with tightening market surveillance, improving pricing transparency and fast‑tracking the operationalisation of the National Strategic Stock to protect energy security and curb inflation.