The Federal Government has announced July 23 and 24, 2025, as the dates for a high-level national stakeholder forum aimed at addressing rising concerns over petrol pricing, supply dynamics, and regulatory uncertainty in Nigeria’s deregulated downstream sector. The summit, to be convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), will bring together marketers, refiners, oil sector stakeholders, and government officials to seek consensus on a sustainable pricing framework and strategies to stabilise the sector post-subsidy.
Confirming the forum at the recently concluded 24th Nigeria Oil and Gas Energy Week in Abuja, Francis Ogaree, Executive Director of Hydrocarbon Processing Plants, Installation and Transportation Infrastructure at the NMDPRA, stressed the urgent need for dialogue amid growing agitation from independent marketers. Key topics will include petroleum pricing standardisation, feedstock adequacy for refineries, and fair market practices, particularly in light of recent sudden price changes attributed to the Dangote refinery.
Petroleum marketers, under the umbrella of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have repeatedly expressed concern over unstable petrol pricing and lack of transparency. PETROAN President Billy Gillis-Harry called for a mechanism to cushion retailers from financial losses stemming from abrupt fuel price fluctuations and emphasised the need for predictable pricing to ensure energy security and protect investments.
Labour unions have also weighed in, with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) warning last month that marketers are exploiting consumers through unjustified pump prices. The union has insisted that the cost of Premium Motor Spirit (PMS) should be between ₦700 and ₦750 per litre and not higher, citing inconsistencies in the current pricing regime.
Responding to these grievances, Ogaree said the NMDPRA is aware of the operational challenges and is working to introduce pricing standards that reflect market realities without hurting consumers or discouraging investment. He revealed that Nigeria currently has 10 operational and near-operational refineries, including the 650,000-barrel-per-day Dangote refinery, three NNPC-owned facilities, and six modular refineries. These refineries collectively require over 1.1 million barrels of crude oil daily to operate efficiently, underscoring the need for consistent feedstock supply to meet domestic fuel demand.
Looking ahead, Ogaree noted that more refineries are expected to come onstream by 2026, which could significantly boost local refining capacity. However, he cautioned that the sustainability of the downstream sector hinges on solving the crude supply challenge and aligning pricing systems with international best practices, tailored to Nigeria’s unique market conditions.
