FG Committed to Quality Control, Petroleum Product Availability – Lokpobiri

Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has reaffirmed the Federal Government’s commitment to guaranteeing petroleum product supply and quality control in a deregulated industry.

This was revealed by Lokpobiri to reporters shortly after the ministry’s first-ever Petroleum Industry Stakeholders’ Forum on Thursday in Abuja.

According to him, the price of crude oil globally determines the price of Premium Motor Spirit (PMS), also referred to as petrol, in a deregulated market, and Nigeria would not be an exception.

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According to reports, the forum gives the stakeholders a chance to conduct a comprehensive analysis of the sector with the goal of identifying problems and suggesting suitable solutions for its expansion.

We are worried about the government’s greater interest in availability and quality control, which is something I always bring up with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPR).

The proper quantity’s disposal is of special concern to the government.

Let’s hope that the fuel pump pricing does not undercut us if we purchase ten liters of fuel; that’s where the problems lie.

“The goal of deregulation is to allow prices to stabilize.” You were hearing bad news about gasoline subsidies before, but now that the industry is fully deregulated, there is no news about them.

“The price of fuel may increase in tandem with the global oil price. The price may decrease when the price of oil declines.

“The true essence of deregulation is that there are no lines because people have a choice of fuel stations to purchase fuel once there is competition,” he stated.

The minister emphasized the necessity of resolving the sector’s many taxes and levies as well as policy disagreements.

According to him, the forum’s goal was to unite the oil industry’s top executives so they could present a united front and reach an agreement on issues that would benefit the sector.

“The goal is to create a one-stop shop where all interested parties can come together to discuss issues related to the oil industry and develop policies,” he stated.

The Petroleum Retail Outlets Owners Association of Nigeria (PETROAN) National President, Dr. Billy Harry, also spoke and stated his desire to cooperate with the government in order to guarantee energy security.

Harry, while thanking the minister and all industry stakeholders that had ensured that the forum was established, recommended that the forum should be convened quarterly in anticipation of favourable policies.

Alhaji Abubakar Shettima, National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), while lauding the inaugural forum, attributed the current reduction in retail prices of fuel to its partnership with Dangote Refinery.

According to Shettima, IPMAN has been loading petroleum from the Dangote refinery since the end of 2024, exactly like MRS Oil Marketing Company.

According to him, PMS rates were lowered to a consistent N935 across all of their locations nationwide as a result of the agreement between MRS, IPMAN, and Dangote refinery.

Ministers of state petroleum resources (oil and gas), important industry participants, chief executives of regulatory bodies, and industry captains were among the stakeholders present at the meeting.