By Attah Ede
The Federal Government, on Monday, held a closed-door meeting with the management of the Dangote Refinery and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) to discuss solutions to the high price of petrol in the country.
It was gathered that the meeting focused on reviewing the price of petrol downward in Nigeria following the reduced tension in the Middle East.
Tension in the region had earlier triggered a hike in petrol prices.
The meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, also had in attendance representatives of the Federal Competition and Consumer Protection Commission (FCCPC) and other oil and gas stakeholders.
Representatives and chief executives from TotalEnergies, Eterna, Matrix Energy, the Depot and Petroleum Products Retailers Association of Nigeria (DPRP), the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Nigerian Association of Road Transport Owners (NARTO), and staff members of the NMDPRA also attended the meeting.
Speaking at the meeting, the Authority Chief Executive of the NMDPRA, Rabiu Umar, announced that the gathering was convened at the instance of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
Umar maintained that Nigeria has not benefited significantly from the downward shift in global crude oil prices, which followed the volatility caused by tensions between the United States and Iran.
He said the focus of the meeting was not to dictate outcomes but to explore areas of collaboration.
The NMDPRA boss noted that Nigeria had witnessed a easing of tensions between the US and Iran, which had driven a downward shift and moderation in global crude oil prices.
He added that there was a need for the Federal Government to engage in an open, transparent, and solution-oriented dialogue.
“We want to hear your challenges, discuss market surveillance, look into inventory management, and align on how we can collectively accelerate key mechanisms like the National Strategic Stock (NSS) to protect our national energy security,” Umar explained.
