The Nigerian federal government has directed petroleum marketers to immediately reduce pump prices for Premium Motor Spirit (PMS) to align with the recent decline in global crude oil benchmarks.
The instruction comes as authorities seek to ensure that falling international energy costs are passed through to consumers, rather than being absorbed as margin by distributors.
This move follows a direct warning issued by the government to fuel marketers, prohibiting the use of profits from previously acquired expensive fuel inventories as a justification for maintaining high petrol prices.
Officials have emphasized that the current pricing environment does not support the elevated retail rates seen in recent weeks, particularly given the softer backdrop in global crude markets.
The directive underscores the government's ongoing effort to manage inflationary pressures linked to energy costs.
By mandating price adjustments in line with global benchmarks, authorities aim to stabilize the domestic fuel market and mitigate the impact of previous supply-side shocks on household budgets and transport costs.