Index to Nigerian Newspapers

The Federal Government has scheduled a national stakeholder forum for July 23 and 24, 2025, to tackle rising concerns over petrol pricing and supply issues within the deregulated downstream sector. Organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the summit aims to bring together key industry players, including refiners and marketers, to establish pricing standards and ensure adequate crude oil supply. Francis Ogaree, an executive director at the regulatory authority, announced the event during the Nigeria Oil and Gas Energy Week, emphasizing that the dialogue is necessary to build a stable and resilient market following the removal of fuel subsidies. The meeting comes in response to heavy criticism from independent marketers over sudden, unannounced price changes by the Dangote refinery, which have negatively impacted local retailers. Billy Gillis-Harry, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria, has continuously called for pricing transparency and fair market practices to protect retailers. Additionally, unions like the Petroleum and Natural Gas Senior Staff Association of Nigeria have accused marketers of exploiting citizens with inflated prices, arguing that Premium Motor Spirit should ideally cost between N700 and N750 per litre. While addressing these challenges, Francis Ogaree noted that Nigeria currently has ten operational or near-operational refineries—including three owned by the Nigerian National Petroleum Company—but warned that the country must boost its crude oil production to meet the feedstock demands of these facilities and dozens of newly licensed projects.

The Nigerian National Petroleum Company (NNPCL) Limited, yesterday reduced the retail price of the premium motor spirit (PMS) or petrol, across its retail outlets in the country. In Lagos, petrol at the NNPCL retail outlets sold at N860 per litre, from a previous N945 per litre. The same commodity sold in Abuja at N880 per litre from a previous N965. he latest price cut comes barely two weeks after the NNPCL reduced the pump price in Lagos to N945 per litre and five days after the Dangote Refinery implemented a reduction in the price of the same commodity across the MRS stations and its affiliate filling stations. Confirming the development, a commercial driver Audu,  said he bought petrol at the NNPCL station in Lekki at N860 per litre. “At about 2pm yesterday, the station in Lekki had displayed the new price; so I bought at the new price,” he confirmed. Stakeholders however see this development as a good one for the Nigerian public. Besides, they argued that it is one of the gains of deregulation which allows for market forces to determine pricing of commodities. While they agreed that the price cut can be sustained, however, caution, they said, must be applied to ensure that it is a healthy competition.