The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has called for a reduction in petrol pump prices following the sharp decline in global crude oil prices.
He noted that petrol prices rose to about N1,400 per litre when crude oil climbed to $126 per barrel during the US-Israel-Iran conflict but have remained as high as N1,320 per litre despite crude prices falling to about $72 per barrel.
Lokpobiri said the drop in international oil prices should be reflected in the cost of petroleum products, warning that deregulation should not become an excuse for profiteering.
His comments come days after the Federal Competition and Consumer Protection Commission warned it could sanction marketers found exploiting consumers by refusing to reduce pump prices.
The minister also urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure market practices comply with the Petroleum Industry Act and protect consumers from unfair pricing.
He further called on the regulator to ensure filling stations dispense the exact quantity of fuel paid for, insisting that consumers who pay for 10 litres of petrol should receive the full amount.
