FG to hold stakeholders forum July to establish petrol pricing guidelines

The federal government has scheduled July 23 and 24 for a national stakeholder forum to address concerns over petrol pricing and supply challenges in the downstream sector, amid growing calls by independent marketers for price regulation.

Francis Ogaree, executive director of hydrocarbon processing plants, installation and transportation infrastructure at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), announced the summit during a panel session at the 24th Nigeria Oil and Gas Energy Week in Abuja.

He said NMDPRA will organise the summit, which will bring together marketers, refiners, operators, and government officials to deliberate on pricing standards, feedstock availability, and ways to stabilise the deregulated petroleum market.

Ogaree said there is a need for open dialogue to strengthen the pricing system in the post-subsidy era.

He said the NMDPRA is aware of the operational uncertainties facing sector players and has taken steps to standardise pricing and support investment in local refining.

Speaking during the session, Ogaree said the authority is engaging stakeholders “at our forum, where we address the issues and proffer solutions”.

“I would like to remind you that the NMDPRA has only been in existence for three and a half years. And in that period, we have achieved giant strides in the number of licenses we have given and in addressing the issues,” he said.

“Even on the issue of petroleum pricing, which is another one that we are facing now and relates to standardisation. It is a work in progress, and that is why at the latter part of this month, exactly on July 23 to 24, a two-day event, we will be talking about petrol pricing.”

Ogaree said the meeting is aimed at calming concerns and establishing standards.

He said everyone recognises that petrol pricing is a sensitive issue that varies across countries, and the authority is working to address it.

On July 16, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had said petrol should be between N700 and N750 per litre at retail stations.