The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has questioned why domestic fuel prices have not reduced at the same pace as global crude oil prices.

Lokpobiri raised the concern after meeting with fuel marketers, noting that when Brent crude oil prices rose sharply to about $118 per barrel, fuel prices increased rapidly.

He questioned why the reverse trend has not occurred despite the significant decline in global crude oil prices.

“When Brent crude oil was $118, the price was rapidly going up. Now that the price has drastically decreased, why isn’t it coming down in the same way?” the minister asked.

The minister’s comments came amid ongoing discussions between the Federal Government and petroleum stakeholders on the factors influencing fuel pricing in Nigeria.

He stressed the need for a better understanding of market dynamics and urged stakeholders to ensure that reductions in global oil prices translate appropriately to consumers.