The federal government, on Monday, held a closed-door meeting with the management of the Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) over the price of petrol in Nigeria.
CityNews understands that the meeting focused on pushing down the price of petrol in Nigeria folowing the reduced tension in the Middle East, which had earlier caused a spike in the price of petrol in Nigeria.
The meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, also has in attendance the Federal Competition and Consumer Protection Commission (FCCPC) and other oil and gas stakeholders.
Representatives and chief executives from TotalEnergies, Eterna, Matrix Energy, Depot and Petroleum Products Retailers Association of Nigeria (DPRP), Major Energy Marketers Association of Nigeria (MEMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), Nigerian Association of Road Transport Owners (NARTO), and staff members of the NMDPRA also attended the meeting.
Speaking at the meeting, the Authority Chief Executive of the NMDPRA, Rabiu Umar, disclosed that the gathering was convened at the directive of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
According to him, Nigeria has not benefited significantly from the downward shifts in the global crude oil prices, which followed the volatility caused by the tension between the USA and Iran.
He said the focus of the meeting is not to dictate, but to explore ways of collaboration.
“We have witnessed a welcome easing of those tensions, which has driven a downward shift and moderation in global crude oil prices.
“We want to engage in an open, transparent, and solution-oriented dialogue. We want to hear your challenges, discuss market surveillance, look into inventory management, and align on how we can collectively accelerate key mechanisms like the National Strategic Stock (NSS) to protect our national energy security,” he added.
