The Federal Government is set to engage key players in Nigeria’s downstream petroleum sector as petrol prices continue to rise, with Premium Motor Spirit, popularly known as petrol, selling for as much as ₦1,450 per litre in parts of the country.
The development comes amid growing concerns over the impact of rising fuel costs on transportation, businesses and household expenses.
Reports from major cities show that petrol prices have continued to move upward in recent weeks. In Abuja, for instance, some filling stations have been selling petrol between ₦1,400 and ₦1,450 per litre, while prices in Lagos have also climbed above ₦1,400 at several outlets.
The latest increase followed an upward adjustment in the petrol gantry price of Dangote Petroleum Refinery, which moved from ₦1,265 to ₦1,350 per litre effective September 12, 2026. The adjustment was reported as another increase in the refinery’s petrol pricing amid higher crude oil and supply costs.
Against this backdrop, the Federal Government announced plans for consultations with refiners, depot owners, petroleum marketers and retailers to discuss competitive pricing and developments in the downstream market. The meeting is expected to provide an opportunity for stakeholders to examine the factors driving the recent price increases and discuss measures that could improve competition and supply.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has also clarified that it does not directly fix petrol pump prices under the current deregulated market framework. The regulator said prices are determined by market forces, while stressing that it would intensify surveillance against practices such as price-gouging, collusion and under-dispensing.
The rise in petrol prices has already attracted concern from organised labour and other stakeholders. The Nigeria Labour Congress recently called for measures to cushion the effect of the rising cost of petrol, warning that higher transportation expenses could feed into the prices of food, services and other essential goods.
Meanwhile, energy stakeholders have called for increased domestic refining capacity, arguing that having more functional refineries could improve competition and strengthen local supply.
As the Federal Government meets industry stakeholders, Nigerians will be watching closely for measures that could help stabilise the downstream petroleum market and ease the pressure created by rising fuel and transportation costs.