The Federal Government has scheduled July 23 and 24, 2025, for a crucial national stakeholder summit in a bid to address the growing issues over petrol pricing and supply concerns in the downstream oil sector.
Naijaonpoint understands that the summit was organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The summit will gather key players, including marketers, refiners, and government representatives, to chart a path forward for Nigeria’s deregulated petroleum market.
The NMDPRA Executive Director of Hydrocarbon Processing Plants, Installation and Transportation Infrastructure, Francis Ogaree, confirmed the summit date while speaking at the 24th Nigeria Oil and Gas Energy Week in Abuja.
Ogaree described the forum as a strategic move to foster dialogue and build a more transparent pricing framework.
“We are engaging stakeholders at our forum, where we address the issues and proffer solutions,” The PUNCH quoted Ogaree saying.
“Even on the issue of petroleum pricing, which is a sensitive matter, it is a work in progress. That is why at the latter part of this month, exactly July 23 to 24, we’ll be talking about petrol pricing. The idea is to allay fears and establish standards.”
Marketers Demand Pricing Transparency Amid Dangote Price Drop
Naijaonpoint understands that independent marketers have repeatedly raised concerns about unstable petrol prices, especially in light of recent fluctuations by the Dangote Refinery. Many retailers who purchased Premium Motor Spirit (PMS) at higher rates have been hit hard by sudden price cuts.
President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, warned that continued volatility could cripple many retail businesses.
“Price transparency is non-negotiable,” he said.
“Retailers are being squeezed by abrupt price changes. We need a stable market to ensure energy security and protect investments.”
Gillis-Harry also called for the establishment of a proper pricing mechanism to ensure that sudden reductions do not leave marketers at a loss.
Labour, Oil Unions Join Call For Fair Pricing
Meanwhile, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) recently decried what it called exploitative practices in petrol pricing.
The union said Nigerians are being shortchanged and insisted that PMS should sell between ₦700 and ₦750 per litre.
The union blamed marketers for inflating pump prices without justification and urged the Federal Government to intervene to curb abuse.
Speaking during a panel session titled “Building a Resilient and Competitive Refining Sector,” Ogaree disclosed that Nigeria currently has 10 refineries either fully operational or near completion.
These include the three Nigerian National Petroleum Company (NNPC) refineries, the 650,000-barrels-per-day (bpd) Dangote Refinery, and six modular plants.
“When I look at the combined capacity of those refineries, we need about 1,124,000 barrels per day,” he explained.
Ogaree noted that while refining capacity is expanding, a bigger challenge lies in ensuring a steady supply of crude oil (feedstock) to meet the rising demand.
The NMDPRA director also revealed that the authority has issued 47 refinery licenses, covering establishment, construction, and operational phases. Many of these new facilities, some of which require between 1,000 and 200,000 barrels per day, are expected to come onstream by 2026.
Ogaree added: “The apparent fear, and I must be sincere, is on the feedstock.”
“You know that this number of barrels has to grow, and there has to be more production if we are to meet demand.”
He stressed that the success of Nigeria’s downstream petroleum industry hinges not just on refining infrastructure, but on ensuring local refiners have access to sufficient crude.