Nigeria’s Ministry of State for Petroleum Resources has instructed fuel marketers to immediately lower pump prices for Premium Motor Spirit (PMS) to reflect the recent decline in global crude oil benchmarks.
Heineken Lokpobiri issued the directive on Monday, signaling a tightening of regulatory oversight on downstream pricing as international energy costs soften.
The order comes amid growing scrutiny of the country’s downstream petroleum sector.
The Federal Competition and Consumer Protection Commission (FCCPC) recently warned fuel marketers that retail prices had failed to adjust downward despite a sustained drop in global crude prices.
The ministry’s latest intervention aims to ensure that the transmission of lower global costs reaches consumers at the pump, addressing concerns over pricing rigidity in the local market.
This development follows a broader regional trend of fuel price adjustments linked to global crude movements.