Following the crash in crude oil prices to $72 per barrel globally, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has called for a proportional reduction in the pump price of Premium Motor Spirit (PMS).
Senator Lokpobiri made the call at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum 2026 in Abuja.
The theme of the forum is “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”
The Minister noted that crude oil prices, which rose to about 126 dollars per barrel during the US-Israel-Iran conflict, have fallen to about 72 dollars per barrel following the de-escalation of hostilities.
The minister expressed concern that petrol still sells for as high as N1,320 per liter in Nigeria.
“Nigerian Midstream and Downstream Petroleum Regulatory Authority must ensure that deregulation does not become an avenue for profiteering, stressing that the downstream market should operate in line with the provisions of the Petroleum Industry Act (PIA).
The Minister also urged legal advisers to licensed operators to ensure strict compliance with all applicable laws and regulations to protect their clients from regulatory sanctions and safeguard their operating licences.
Senator Lokpobiri noted that the General Counsels is beyond ensuring compliance to providing sound legal guidance that promotes fairness and stability in the petroleum sector.
In his remarks, the Chief Executive of the NMDPRA, Mr. Rabiu Umar, said the forum was aimed at promoting regulatory certainty, transparency, and predictability in Nigeria’s petroleum industry.
Mr. Umar said the authority remained committed to creating an investment-friendly environment where regulatory expectations are clear, consistently applied, and capable of attracting sustainable investment into the sector.
Veteran journalist and recipient of A.B.C Yola, Reporter of the Year Award (1997), Hassan Umar Shallpella, works with WAP as a Regional Correspondence. He was trained at Institute of Mass Communication and Technology Jos and Federal Radio Corporation of Nigeria, Training School Lagos.He was a News desk Editor and a Correspondent at the Punch newspaper and till 2019, was the Deputy Editor ofThe Scope newspaper.
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