FG has convened emergency stakeholder summit on petrol pricing crisis in Nigeria.
In a decisive move to address mounting concerns over petrol pricing and supply instability in Nigeria’s downstream oil sector, the Federal Government has announced a national stakeholder summit slated for July 23 and 24, 2025.
The summit, organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), is expected to bring together critical industry players, including independent marketers, refiners, regulators, and government officials, to deliberate on stabilizing Nigeria’s deregulated petroleum market.
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Confirming the development during the 24th Nigeria Oil and Gas Energy Week in Abuja, Francis Ogaree, NMDPRA’s Executive Director of Hydrocarbon Processing Plants, described the forum as a strategic dialogue to restore transparency and fairness in pricing mechanisms.
“Even on the issue of petroleum pricing, which is a sensitive matter, it is a work in progress,” Ogaree stated.
“That is why at the latter part of this month, exactly July 23 to 24, we’ll be talking about petrol pricing. The idea is to allay fears and establish standards.”
Marketers Demand Clarity as Prices Fluctuate
The announcement comes amid increasing agitation from independent marketers, who have raised the alarm over abrupt petrol price changes, particularly following price cuts by the Dangote Refinery. Retailers who previously bought at higher rates now face steep losses.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), warned that without clear pricing frameworks, the retail end of the supply chain could collapse.
“Price transparency is non-negotiable. Retailers are being squeezed by abrupt price changes. We need a stable market to ensure energy security and protect investments,” he said.
Labour Unions Back Calls for Regulation
Oil sector unions have echoed the concerns. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) condemned what it described as exploitative pricing tactics, urging the government to intervene and standardize the market.
The union also proposed that petrol should be sold at ₦700–₦750 per litre, accusing marketers of arbitrary price hikes that hurt consumers.
Refining Capacity Grows, but Feedstock Remains a Challenge
During the summit preview, Ogaree revealed that 10 refineries; including the 650,000 bpd Dangote Refinery, three NNPC-run plants, and six modular refineries—are now either operational or nearing completion.
He disclosed that the combined refining demand will soon exceed 1.1 million barrels per day, adding that crude supply (feedstock) remains the sector’s greatest threat.
“The apparent fear, and I must be sincere, is on the feedstock,” Ogaree noted.
“There has to be more production if we are to meet demand.”
NMDPRA has so far issued 47 refinery licenses, with many projects expected to come onstream by 2026.
The upcoming summit is widely seen as a make-or-break moment for Nigeria’s downstream oil industry, as the country seeks to strike a balance between deregulation, affordability, and investment security.
