The Federal Government has called on marketers to reduce the pump price of petrol to reflect falling crude costs in the international market.

The Minister of state for Petroleum Resources (Oil), Heineken Lokpobiri, made the call on Monday at a stakeholders’ meeting with the marketers and other downstream petroleum sector operators.

The minister demanded that the sharp drop in Brent crude from about $118 a barrel earlier this year to below $70 must be reflected at the pumps.

“The price of fuel should reflect what is going on now,” he said, urging marketers to pass the cost reductions to consumers.

He queried why retail pump prices for Premium Motor Spirit, PMS, and other petroleum products have not fallen in line with lower international replacement costs.

According to him, deregulation did not mean allowing what he called ‘excessive profits’, stating that government preferred frank talks over heavy-handed enforcement

The minister added that the petroleum marketers must build consensus on how to lower pump prices without killing business viability.

“We would rather sit down with you and agree a practical framework than try to impose measures we cannot effectively enforce,” he said

The meeting, convened at the directive of the Ministry of Petroleum Resources by the sector regulator, had in attendance officials from the FCCPC, Dangote Refinery, MEMAN, DAPPMAN, IPMAN, NARTO, PETROAN among others.
You may like

United Bank for Africa, UBA, Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026.

The announcement was made on Monday following a meeting of the bank’s board.

UBA explained that Elumelu’s exit follows the completion of the maximum 12-year tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance regulations.

The bank also confirmed that Emmanuel Nnorom, who currently serves as a non-executive director, has been appointed as the incoming Group Chairman. His appointment will take effect on August 21, the same day Elumelu officially leaves the board.

In a statement issued after the meeting, the bank said, “The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.

“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.

“The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”
You may like