The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has directed petroleum marketers to immediately reduce the pump prices of Premium Motor Spirit and other petroleum products in line with the recent drop in global crude oil prices.

Lokpobiri gave the directive on Monday in Abuja during the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority General Counsel and Legal Advisers Forum, themed “Beyond Compliance: Certainty and Investment Confidence in Nigeria’s Petroleum Sector,” according to the News Agency of Nigeria.

Lokpobiri said the easing of tensions between Iran and the United States should have led to a corresponding reduction in petroleum product prices, but noted with concern that the expected price drop had yet to be reflected at filling stations.

He said that although market forces under Nigeria’s deregulated downstream petroleum sector would eventually drive prices lower, marketers should refrain from taking advantage of the situation to make excessive profits at the expense of consumers.

He said regulators have a statutory duty to ensure that the deregulation of the downstream petroleum sector does not become a tool for profiteering, stressing that oversight must be exercised strictly in accordance with the provisions of the Petroleum Industry Act 2021.

“For too long, the dominant question in our regulatory conversations has been: are operators complying? That question matters. It will always matter. But it is no longer sufficient. The more consequential question today is this: are our regulatory authorities doing their job?” he queried.

“Is it clear, consistent and predictable enough to give investors the confidence they need to commit capital, not just for one cycle, but for the long term? Compliance is the foundation. Regulatory certainty is the ceiling we must now be building toward,” he added.

He warned that regulators must not only monitor pricing but also ensure that consumers receive the correct quantity of petroleum products for every purchase.

“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he said.

Lokpobiri attributed the successful operationalisation of the Dangote Refinery and other refinery projects to the full deregulation of Nigeria’s downstream petroleum sector, describing the policy as a bold reform implemented by President Bola Tinubu.

He said the deregulation had eliminated the era of artificial fuel scarcity, noting that petroleum products had remained readily available nationwide since 2023, despite recent supply disruptions triggered by the US-Israel-Iran conflict.

Lokpobiri said investors are more likely to commit capital to countries with clear, consistent and predictable regulatory frameworks, describing general counsel and legal advisers as strategic partners whose role goes beyond interpreting laws to influencing investment decisions and strengthening regulatory frameworks.

He urged legal advisers to provide constructive feedback whenever regulations or guidelines create uncertainty that could undermine investor confidence or discourage investment in the petroleum sector.