The Federal Government has scheduled a two-day national stakeholder forum for July 23 and 24, 2025, to address growing concerns around petrol pricing and supply in Nigeria’s downstream petroleum sector. The summit, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), comes in response to sustained agitation from independent marketers demanding transparency and price regulation in the deregulated market.
The event will bring together industry operators, marketers, refiners, and government representatives to deliberate on fuel pricing standards, feedstock adequacy, and strategies to stabilise the sector amid ongoing volatility.
Confirming the summit during the 24th Nigeria Oil and Gas Energy Week in Abuja, the NMDPRA’s Executive Director for Hydrocarbon Processing Plants, Installation and Transportation Infrastructure said the authority recognises the challenges confronting industry players and is working to build a resilient pricing system in the post-subsidy era.
This development follows complaints from marketers over sudden price reductions—particularly those from the Dangote refinery—implemented without prior notice. Many retailers say such changes have left them with unsold stock purchased at higher prices.
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria has consistently advocated for pricing transparency and mechanisms to protect retailers from financial losses caused by abrupt price changes. He emphasised the importance of a stable energy market that supports both operators and consumers.
Similarly, the Petroleum and Natural Gas Senior Staff Association of Nigeria recently raised concerns about inflated pump prices, arguing that current retail prices should range between ₦700 and ₦750 per litre. The union called for urgent regulatory intervention to prevent consumer exploitation.
In response, Ogaree said the NMDPRA is actively working on pricing reforms while encouraging greater investment in local refining. He acknowledged the complexity of standardising fuel prices, noting that each country faces unique challenges, but assured that the forum would provide an avenue to address those issues collectively.
He also shared updates on Nigeria’s refining capacity, revealing that the country now has 10 operational and near-operational refineries, including the three NNPC refineries, the 650,000bpd Dangote refinery, and six modular refineries. New refineries requiring between 1,000 and 200,000 barrels per day are expected to become operational by 2026.
However, Ogaree expressed concern over feedstock availability, stressing that with 47 refinery licenses already issued, Nigeria must scale up crude oil production to meet rising demand from new and existing refiners.
As Nigeria deepens its shift into a deregulated fuel economy, the July stakeholder forum is seen as a critical step toward creating a more stable, transparent, and sustainable downstream market.
