The Federal Government has scheduled July 23 and 24, 2025, for a national stakeholders’ forum aimed at tackling growing concerns surrounding petrol pricing, market regulation, and fuel supply challenges within Nigeria’s downstream petroleum sector.
The forum, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), is expected to bring together independent marketers, industry operators, refiners, and top government officials to deliberate on pricing frameworks, feedstock availability, and strategies to stabilise the deregulated market amid mounting agitation from marketers.
Confirming the development at the recently concluded 24th Nigeria Oil and Gas Energy Week in Abuja, Francis Ogaree, Executive Director of Hydrocarbon Processing Plants, Installation and Transportation Infrastructure at the NMDPRA, described the meeting as a vital step in fostering dialogue and building a resilient pricing regime in the post-subsidy environment.
Ogaree acknowledged the frustrations expressed by independent petroleum marketers over unpredictable changes in the pump price of Premium Motor Spirit (PMS), particularly with recent price adjustments by the Dangote Refinery. He assured stakeholders that the Authority was actively working to address pricing concerns and operational uncertainties.
Calls for Market Stability and Pricing Transparency
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has consistently called for a transparent pricing mechanism, citing the need for consistency and energy security. He stressed the importance of monitoring fuel price fluctuations to protect retailers and consumers from market shocks.
Gillis-Harry specifically highlighted challenges arising from abrupt price cuts by major suppliers like Dangote Refinery, which often leave independent retailers grappling with losses on stock purchased at higher rates. He urged regulators to enforce fair pricing standards and eliminate exploitative practices in the sector.
Similarly, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) recently raised alarms over the current pricing regime, accusing petroleum marketers of taking advantage of consumers by inflating pump prices. The union insisted that PMS should retail between N700 and N750 per litre, warning of wider economic implications if exploitative practices persist.
Nigeria’s Refining Outlook and Feedstock Worries
On the refining landscape, Ogaree disclosed that Nigeria now boasts 10 operational and near-operational refineries — comprising the three state-owned Nigerian National Petroleum Company (NNPC) refineries, the 650,000 barrels-per-day Dangote refinery, and six modular refineries.
He further revealed that several upcoming refineries, with capacities ranging from 1,000 to 200,000 barrels per day, are expected to come onstream by 2026. However, Ogaree expressed concern about the country’s ability to meet the crude oil feedstock demand necessary to sustain this growing refining capacity.
“We’ve issued 47 refinery licenses covering establishment, construction, and operational phases. If they all come onstream as planned, we’ll need to significantly ramp up crude oil production to meet their supply needs,” Ogaree cautioned.
He reiterated the importance of proactive planning to address potential feedstock shortages, warning that without increased production, Nigeria risks underutilising its burgeoning refining infrastructure.
