In a bid to stabilise Nigeria’s deregulated petrol market, the Federal Government has scheduled a two-day national stakeholder forum for July 23 and 24, 2025, aimed at tackling the growing unease over fuel pricing and supply consistency in the downstream sector.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is organising the summit, which will convene marketers, refiners, government agencies, and other key industry players to discuss feedstock adequacy, price fluctuations, and standards for a resilient pricing framework.
Confirming the summit during a panel at the recently concluded 24th Nigeria Oil and Gas Energy Week in Abuja, the NMDPRA’s Executive Director of Hydrocarbon Processing Plants, Installations and Transportation Infrastructure, Francis Ogaree, emphasised the need for transparent engagement in a post-subsidy environment.
“We are engaging stakeholders at our forum to address these concerns and introduce pricing standards. The issue of pricing is very sensitive and varies from country to country. The authority is working,” Ogaree stated.
Marketers, Labour Unions Push for Price Stability
The summit comes amid rising tension in the retail fuel market, as independent marketers call for clearer pricing mechanisms and regulatory oversight.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has persistently urged the government to establish a pricing framework that reflects both market realities and ensures fairness for retailers who may have stocked fuel at higher prices before abrupt reductions, particularly from the Dangote Refinery.
“We need stable pricing and transparency. Sudden changes distort the market and hurt retailers,” Gillis-Harry warned.
Likewise, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised concerns over pump price disparities and exploitation by marketers, arguing that PMS should currently retail between ₦700 and ₦750 per litre, based on market fundamentals.
NMDPRA Eyes Pricing Standards, Supply Security
In response to industry agitation, Ogaree disclosed that the NMDPRA was already working on frameworks to harmonise pricing and secure feedstock availability for refiners.
He revealed that Nigeria now hosts 10 operational and near-operational refineries, including:
- The three NNPCL-owned refineries (Port Harcourt, Warri, Kaduna)
- The 650,000 bpd Dangote Refinery
- Six modular refineries are scattered across the country
However, he expressed concern over Nigeria’s crude supply constraints, noting that the licensed refiners would require a combined 1.1 million barrels per day when fully operational.
“We’ve issued 47 refinery licenses—some as small as 1,000 bpd, others up to 200,000 bpd. When they all go on stream, meeting feedstock needs will be critical,” he cautioned.
Ogaree stressed that production must scale up significantly if Nigeria is to sustain the growth of the refining sector and reduce its dependence on imports.
