The Federal Government has officially scheduled a two-day national petrol pricing summit for July 23 and 24, 2025. The event, to be hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), aims to forge a clear path toward price transparency, feedstock adequacy, and energy stability in the post-subsidy market.
The summit is coming at a time when stakeholders—including independent marketers, refiners, and petroleum associations—have voiced increasing discontent over unregulated pricing structures, particularly in the wake of fluctuating ex-depot rates and price discrepancies driven by dominant suppliers like the Dangote Refinery.
Speaking at the 24th Nigeria Oil and Gas Energy Week in Abuja, Francis Ogaree, NMDPRA’s Executive Director of Hydrocarbon Processing Plants, Infrastructure and Transportation, confirmed the summit dates and its objectives. He emphasized that the forum will serve as a robust platform to “address issues and proffer lasting solutions,” particularly on pricing and standardisation.
“The issue of petrol pricing is sensitive and peculiar from one country to another,” Ogaree said. “That’s why we are holding the stakeholder forum—to put in place pricing standards, build market confidence, and allay fears in the downstream sector.”
The move follows sustained agitation from industry stakeholders. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has called for a structured pricing mechanism to avoid destabilizing shocks in the market.
He specifically highlighted how Dangote’s refinery’s recent price reductions affected small retailers who had earlier purchased products at higher prices. “There needs to be fair pricing practices and transparency across the value chain to ensure energy security and protect smaller operators,” Gillis-Harry said.
Likewise, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) raised alarms last month, claiming that marketers were taking advantage of the deregulated regime to exploit consumers through inflated pump prices. The union insisted that the current PMS pump price should range between N700 and N750 per litre, far below what is being charged in some parts of the country.
In a broader context of energy transition and infrastructure development, Ogaree disclosed that Nigeria now boasts 10 operational or near-operational refineries. These include the three state-owned NNPC refineries, the newly active 650,000 barrels-per-day (bpd) Dangote Refinery, and six modular refineries.
However, Ogaree noted that the growing refining capacity would soon face a crude feedstock shortfall unless upstream production increases. “We currently need over 1.1 million bpd to feed existing and upcoming facilities,” he said. “With 47 new refinery licenses issued, the fear is whether we can meet demand once all go live by 2026.”
He emphasized the NMDPRA’s role in ensuring a sustainable market through streamlined licensing, investor engagement, and policy support.
Summit Expectations
The upcoming forum will convene key players from across the value chain, including:
Independent and major marketers
Refinery operators
Energy economists
Government agencies and regulators
Labour unions and consumer advocacy groups
Discussions will focus on:
Petrol pricing benchmarks
Supply chain logistics and security
Policy reforms to boost investor confidence
The role of modular refineries in local fuel sufficiency
The summit is viewed as a potential turning point in Nigeria’s downstream oil policy, especially in the aftermath of the fuel subsidy removal, which has led to soaring prices, regional pricing discrepancies, and consumer discontent.
As Nigeria navigates its post-subsidy reality, the Federal Government’s decision to hold this petrol pricing summit could play a crucial role in restoring regulatory order and public confidence in the downstream petroleum sector. With pressures mounting from both operators and consumers, all eyes will be on Abuja later this month for what could be a defining dialogue on the future of petrol pricing in Nigeria.