FG insists on fuel price slash at meeting with Dangote Refinery, marketers

The Federal Government has called connected marketers to trim the pump terms of petrol to bespeak falling crude costs successful the planetary market.

The Minister of authorities for Petroleum Resources (Oil), Heineken Lokpobiri, made the telephone on Monday at a stakeholders’ gathering with the marketers and different downstream petroleum assemblage operators.

The curate demanded that the crisp driblet successful Brent crude from astir $118 a tube earlier this twelvemonth to beneath $70 indispensable beryllium reflected astatine the pumps.

“The terms of substance should bespeak what is going connected now,” helium said, urging marketers to walk the outgo reductions to consumers.

He queried wherefore retail pump prices for Premium Motor Spirit, PMS, and different petroleum products person not fallen successful enactment with little planetary replacement costs.

According to him, deregulation did not mean allowing what helium called ‘excessive profits’, stating that authorities preferred frank talks implicit heavy-handed enforcement

The curate added that the petroleum marketers indispensable physique statement connected however to little pump prices without sidesplitting concern viability.

“We would alternatively beryllium down with you and hold a applicable model than effort to enforce measures we cannot efficaciously enforce,” helium said

The meeting, convened astatine the directive of the Ministry of Petroleum Resources by the s...