FG Schedules National Summit on Petrol Pricing for July 23–24

The Federal Government has set July 23–24 for a national stakeholder forum aimed at addressing petrol pricing and supply issues in Nigeria’s downstream petroleum sector.

Organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the summit will focus on creating clear pricing standards, ensuring adequate crude feedstock, and developing strategies to stabilize the deregulated market amid ongoing concerns over sudden price changes.

Francis Ogaree, Executive Director of Hydrocarbon Processing Plants, Installation, and Transportation Infrastructure at the NMDPRA, confirmed the summit date during the recently concluded 24th Nigeria Oil and Gas Energy Week in Abuja. He acknowledged the sector’s operational uncertainties but assured stakeholders that steps are being taken to improve price transparency and encourage local refining.

Industry players, including marketers and refiners, have voiced concerns over inconsistent pricing and have called for a more transparent and fair framework.

Currently, Nigeria has 10 operational and near-operational refineries—including three owned by the NNPC, the 650,000 bpd Dangote Refinery, and six modular refineries. The viability of the downstream sector hinges on the consistent supply of crude oil feedstock to meet the combined refining capacity of approximately 1.124 million barrels per day.

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