FG Presses Marketers to Slash Petrol Prices Amid Global Oil Price Drop
The Federal Government met with major oil marketers in Abuja to push for lower pump prices following the slide in global crude rates. The Minister of State for Petroleum Resources said Brent crude falling below $70 must be reflected at the pump. The regulator convened the closed-door session to bridge the gap between international crude price declines and local petrol rates. Officials stressed dialogue over price controls and urged a fair framework that balances consumer interests and sector investments. IPMAN’s president assured Nigerians that independent marketers can now buy directly from Dangote Refinery. He noted that nationwide pump prices have already dropped by around ₦125 per litre and pledged further reductions as procurement costs fall. Marketers said they would cut prices progressively, potentially below ₦800 per litre if global trends continue. The meeting included stakeholders from FCCPC, MEMAN, DAPPMAN, NARTO, PETROAN and other industry bodies.
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