Priye Briggs
The Federal Government says it is currently holding talks with petroleum marketers and regulators to resolve issues around fuel pricing and establish a more transparent system.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, gave the assurance yesterday while briefing journalists after the Federal Executive Council meeting presided over by President Bola Tinubu at the State House in Abuja.
The move comes amid public concern that pump prices have not dropped in line with global crude oil costs, which recently fell back to pre‑conflict levels after the United States and Iran reached a peace agreement.
Oyedele explained that discussions are ongoing with industry operators and regulatory bodies to ensure retail prices of refined products reflect current global benchmarks fairly. He noted that marketers often raise prices quickly when crude costs rise, citing replacement costs, but are slower to reduce them when prices fall because they are still selling off older stock purchased at higher rates.
According to him, government’s goal is to strike a balance between keeping operators commercially viable and protecting consumers from exploitative pricing. He added that the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are already handling the matter under the Petroleum Industry Act (PIA).
Oyedele also highlighted fiscal relief measures introduced by the Tinubu administration, including the removal of VAT, excise duty, and surcharges on petroleum products, which he said have helped cushion global energy shocks and kept domestic fuel prices lower than in neighbouring countries.
He further appealed to transport operators benefiting from the Presidential Compressed Natural Gas Initiative to pass on cost savings to commuters by reducing fares, rather than maintaining petrol‑based rates.