The federal government has scheduled a two-day national stakeholder forum for July 23 and 24, 2025, to tackle ongoing concerns surrounding petrol pricing and supply dynamics in Nigeria’s downstream oil sector.
This comes amid increasing agitation from independent marketers for regulatory intervention in pricing.
The summit, to be hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), aims to convene key industry players — including marketers, refiners, and government representatives — for in-depth discussions on petrol pricing frameworks, feedstock availability, and strategies to stabilise Nigeria’s deregulated fuel market.
Francis Ogaree, Executive Director of Hydrocarbon Processing Plants, Installation and Transportation Infrastructure at the NMDPRA, confirmed the dates during the recently concluded 24th Nigeria Oil and Gas Energy Week in Abuja. He underscored the need for open dialogue to strengthen Nigeria’s post-subsidy pricing regime.
Mounting Pressure from Marketers and Unions
In recent months, independent marketers have raised concerns over erratic petrol price changes, particularly without prior notice from major suppliers like the Dangote Refinery. These sudden price shifts have put retailers at risk of financial loss, especially those who purchase fuel at higher rates.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has been a vocal advocate for stable pricing and energy security. He stressed the importance of transparent pricing mechanisms to prevent retailers from being disadvantaged.
“We need mechanisms to analyse price fluctuations and ensure they don’t negatively impact the industry,” Gillis-Harry said. He further urged fair pricing practices and the elimination of unethical conduct within the sector.
Similarly, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has expressed dissatisfaction with the current pricing regime. Last month, the union accused marketers of inflating petrol prices and insisted that the appropriate pump price for Premium Motor Spirit (PMS) should range between ₦700 and ₦750 per litre.
NMDPRA’s Response and Regulatory Outlook
In response, Ogaree acknowledged the operational uncertainties within the sector and affirmed the NMDPRA’s commitment to standardising pricing practices while encouraging domestic refining investments.
Speaking during a panel session titled “Building a Resilient and Competitive Refining Sector”, Ogaree said:
“We are engaging stakeholders at our forum, where we address the issues and proffer solutions. I would like to remind you that the NMDPRA has only been in existence for three and a half years. And in that period, we have achieved giant strides in the number of licenses we have given and in addressing the issues.
“Even on the issue of petroleum pricing, which is another one that we are facing now and relates to standardisation. It is a work in progress, and that is why, at the latter part of this month, exactly on July 23 to 24, a two-day event, we will be talking about petrol pricing. Again, that is to allay some fears and put in some standards. The issue of pricing – everyone knows that it is a sensitive one and peculiar from one country to another, and the authority is working.”
Refining Capacity and Supply Challenges
Ogaree also shed light on Nigeria’s refining landscape, revealing that the country currently has 10 operational and near-operational refineries — including the three Nigerian National Petroleum Company (NNPC) refineries, the 650,000 barrels-per-day (bpd) Dangote refinery, and six modular refineries.
“We have about 10 refineries right now. The three Nigerian National Petroleum Company refineries. We have Dangote refinery and six modular refineries. When I look at the combined capacity for those refineries, we need about 1,124,000 barrels per day,” Ogaree noted.
He added that new refineries set to come onstream by 2026 will require between 1,000 and 200,000 barrels of crude daily, potentially pushing demand beyond current production capacity.
“We know our current production capacity. These are just operating refineries. When I think about new refineries coming up very soon — some of them need 200,000 to 1,000 barrels, and I compute them together — some of them would be onstream by 2026.
“You know that this number of barrels has to grow, and there has to be more production if we are to meet up. The apparent fear, and I must be sincere, is on the feedstock. We have given out 47 licences, all of which are to do establishments and construction, and they all go into operation. We must be able to meet their demands when they all go onstream.”
As Nigeria continues its transition into a deregulated fuel market, the outcome of the July forum is expected to shape future policies on pricing stability, local refining, and sustainable supply across the sector.
