Fuel Price: NMDPRA reveals details of meetings with Dangote Refinery, marketers

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed information about its discussions with Dangote Refinery, petroleum marketers, and retailers to combat anti-competitive fuel pricing in Nigeria. NMDPRA's Chief Executive Officer, Rabiu Umar, expressed the government's commitment to eliminating unfair practices from the sector.

He mentioned that NMDPRA had received feedback from industry participants on the proposal, highlighting that the suggestions were the result of a genuine engagement aimed at enhancing the industry. Umar further announced that NMDPRA had signed a Memorandum of Understanding (MoU) with the Federal Competition and Consumer Protection Commission (FCCPC) to enhance regulatory coordination in the oil sector.

He clarified that the discussions were a true consultation, with the aim of listening, learning, and improving the draft regulations. NMDPRA assured that their mandates were complementary, rather than competitive, and that they would take stakeholders' inputs seriously to improve the petroleum midstream and downstream sector. The organization encouraged participants to identify areas that required adjustment and propose practical alternatives to meet the regulatory objectives.

Earlier reports indicated that fuel marketers and retailers were considering reducing petrol prices following Dangote Refinery's decision to lower its gantry petrol price by N25. Currently, petrol is being sold at prices ranging from N1,395 to N1,450 per litre in Abuja and its surroundings.