FG Pressures Fuel Marketers to Cut Petrol Prices Amid Falling Crude Oil Costs

FG Pressures Fuel Marketers to Cut Petrol Prices Amid Falling Crude Oil Costs

By Our Correspondent

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The Federal Government has challenged petroleum marketers to reduce the pump price of petrol in line with the sharp decline in global crude oil prices.


The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the demand during a stakeholders' meeting with marketers and downstream operators, insisting that consumers deserve relief as international oil prices continue to fall.


According to the minister, Brent crude has dropped significantly from earlier highs to below 70 dollars per barrel, yet many filling stations have maintained high petrol prices.


He emphasised that deregulation should not translate into excessive profiteering, urging operators to adopt fair pricing while assuring stakeholders that dialogue remains the government's preferred approach.


The meeting comes amid growing public frustration over the rising cost of transportation and living expenses across the country.


If global crude oil prices have fallen, do you think petrol prices in Nigeria should drop immediately, or are there other factors preventing a reduction?

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