The Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, gave the directive on Monday at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum in Abuja.
The Federal Government has directed petroleum marketers to begin an immediate PMS price reduction following the recent drop in global oil prices.
The forum focused on the theme, “Beyond Compliance: Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”
He expressed concern that filling stations had not reflected the lower prices. He warned marketers against making excessive profits under the deregulated market.
Lokpobiri said the PMS price reduction should follow the easing of tensions between Iran and the United States, which pushed global oil prices lower. He urged marketers to adjust pump prices without delay.
The minister said the regulator must ensure deregulation does not encourage profiteering. He added that the Petroleum Industry Act (PIA 2021) gives the agency the power to protect consumers.
Lokpobiri said compliance alone is no longer enough. He urged regulators to provide clear, consistent, and predictable policies that will attract long-term investments.
He also called on marketers to maintain fair pricing so Nigerians can enjoy the benefits of lower global oil prices.
According to him, President Bola Tinubu’s fuel sector reforms ended artificial fuel scarcity and encouraged investments, including the Dangote Refinery and other refining projects.
Lokpobiri stressed that consumers must receive the exact quantity of fuel they pay for. He said anyone buying 10 litres of PMS should get the full 10 litres.
He described legal advisers as key partners in improving regulations, boosting investor confidence, and supporting national development.
The minister added that Nigeria’s petroleum sector now offers more opportunities through increased private investment and growing domestic refining capacity.
He said policy consistency, transparent regulations, faster dispute resolution, and cooperation among stakeholders would attract more investment into the sector.
Lokpobiri expressed confidence that the forum’s recommendations would strengthen governance and improve investor confidence in Nigeria’s petroleum industry.
