The Federal Government has directed petroleum marketers across Nigeria to immediately adjust the pump price of petrol downward following the recent decline in global crude oil prices.
The directive was issued after authorities raised concerns that many fuel marketers were still selling Premium Motor Spirit (PMS) at high rates despite a noticeable drop in international crude oil prices over the past few days.
Minister of State for Petroleum Resources, Heineken Lokpobiri, reportedly warned that Nigerians should not continue paying inflated fuel prices when global market conditions now support lower pricing.
Government officials said operators in the downstream sector must ensure that reductions in crude oil prices are reflected quickly at filling stations to prevent consumers from being unfairly burdened.
The government also instructed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to closely monitor fuel pricing and stop any form of profiteering by marketers taking advantage of the deregulated market system.
The development follows recent sharp drops in crude oil prices in the international market, a situation industry analysts say should naturally trigger lower landing costs and cheaper fuel prices locally.
Despite the global decline, many filling stations across parts of Nigeria have continued selling petrol at old prices, raising complaints from motorists and transport operators struggling with rising living costs.
Authorities warned that keeping prices artificially high while global oil prices are falling could amount to exploitation of consumers and may attract regulatory scrutiny.
Some marketers have argued that immediate price cuts are difficult because many still have old fuel stock purchased at higher prices, meaning sudden adjustments could lead to financial losses.
However, the Federal Government insists Nigerians deserve relief and that market operators must begin reflecting the changing global oil market realities in pump prices as quickly as possible.
The latest directive is expected to trigger fresh competition in the downstream petroleum sector as consumers now wait to see whether filling stations across the country will begin reducing petrol prices in the coming days.