FG Moves to Ensure Nigerians Benefit from Falling Global Crude Oil Prices

The Federal Government says it is stepping up engagement with petroleum marketers and industry regulators to ensure Nigerians benefit more quickly from falling global crude oil prices.

The move follows concerns that retail petrol prices have not dropped in line with the recent decline in international oil prices.

Briefing State House Correspondents after the Federal Executive Council meeting, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said government is working with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Federal Competition and Consumer Protection Commission to promote fair pricing in the deregulated downstream petroleum sector.

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According to the minister, marketers often adjust pump prices upward immediately when crude oil prices rise but are slower to reduce prices when global oil prices fall, citing existing fuel inventories.

He said the government is seeking a balance that protects consumers from unfair pricing while ensuring the commercial viability of operators.

The minister also highlighted measures introduced by the Tinubu administration to reduce transportation costs, including the suspension of VAT, excise duty and surcharges on petroleum products.

He urged transport operators benefiting from the government’s Compressed Natural Gas initiative to pass the savings from lower operating costs on to commuters, saying the programme is designed to ease the cost of living for Nigerians.