FG Orders NMDPRA to Curb Fuel Price Profiteering by Oil Marketers

The Federal Government has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure that petroleum marketers do not exploit consumers through excessive fuel pricing under the country's deregulated downstream petroleum market.

The directive was issued by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during the 2026 NMDPRA General Counsel and Legal Advisers Forum in Abuja. He said while the government remains committed to a market-driven pricing system, operators must conduct their businesses responsibly and avoid practices that place unnecessary financial burdens on Nigerians.

Lokpobiri emphasised that deregulation was introduced to promote efficiency, competition and investment in the downstream sector rather than create opportunities for profiteering. He therefore tasked the NMDPRA with strengthening regulatory oversight to ensure marketers comply with established guidelines and maintain fair pricing practices across the country.

The minister also urged stakeholders in the petroleum industry to uphold transparency and professionalism, noting that public confidence in the deregulated market depends on fairness and accountability. He added that the regulatory authority must continue engaging operators to encourage compliance while protecting consumers from exploitation.

The directive comes amid public concerns over high petrol prices despite the recent decline in global crude oil prices and reductions in ex-depot prices by local refiners. The government expressed optimism that stronger regulation would help improve market stability and ensure consumers benefit from prevailing market conditions.