In response to rising concerns over fuel pricing and supply challenges in Nigeria’s downstream petroleum sector, the Federal Government has scheduled a national stakeholders’ forum for July 23 and 24, 2025.
The two-day summit, spearheaded by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), aims to engage key industry players on pressing issues including petrol pricing, feedstock availability, and long-term market stability in the post-subsidy era.
The announcement was confirmed by Francis Ogaree, Executive Director of Hydrocarbon Processing Plants, Installation and Transportation Infrastructure at the NMDPRA, during a panel session at the just-concluded 24th Nigeria Oil and Gas Energy Week in Abuja.
According to Ogaree, the forum is designed to provide a platform for open dialogue among stakeholders including refiners, marketers, regulators, and government officials as the industry adjusts to a deregulated environment.
“The issue of petrol pricing is both delicate and country-specific. At our upcoming stakeholder forum, we will be setting standards and addressing concerns to calm fears and build confidence in the market,” Ogaree stated.
He acknowledged the growing discontent among petroleum marketers over sudden and unannounced changes in the price of Premium Motor Spirit (PMS) particularly in relation to the pricing strategies of the Dangote Refinery. Independent marketers have warned that these fluctuations are disrupting operations and exposing them to financial risk.
One of the strongest voices in the ongoing debate is Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN). He has repeatedly called for greater pricing transparency and the need to protect retailers who are often caught between high purchase prices and unexpected market slumps.
“There has to be a fair pricing system that considers the realities faced by retail operators. Energy security and a stable downstream market depend on this,” Gillis-Harry insisted.
Echoing similar concerns, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) last month raised questions over the current pricing regime. The union accused marketers of manipulating pump prices to exploit Nigerian consumers and called for PMS to be sold within a ₦700 to ₦750 per litre range to reflect more realistic market conditions.
Ogaree responded to these concerns by assuring that the NMDPRA is actively working on standardising petrol pricing. He emphasised that while progress has been made in licensing and infrastructure development, fuel pricing reform remains a priority.
“It’s still a work in progress. That’s why we’re hosting this forum to bring everyone to the table and work out a unified, resilient pricing framework,” he said.
On Nigeria’s refining capacity, Ogaree revealed that the country now boasts 10 operational or near-operational refineries, which include:
- The three Nigerian National Petroleum Company (NNPC) refineries
- The 650,000 barrels-per-day Dangote Refinery
- Six modular refineries
He further disclosed that 47 refinery licenses have been issued, some of which are expected to begin operations by 2026, with processing capacities ranging between 1,000 and 200,000 barrels per day. However, he warned that crude oil feedstock availability could become a bottleneck as refining capacity expands.
“If we want to meet the demand from these licensed refineries, we must scale up crude oil production. Otherwise, we’ll have infrastructure without supply and that’s a bigger risk,” Ogaree cautioned.
As the July summit approaches, all eyes are on the NMDPRA and the Federal Government to deliver actionable outcomes that will address market volatility, restore investor confidence, and secure the country’s energy future.
