The Federal Government has announced that Nigerians should anticipate a continued decline in the prices of Premium Motor Spirit (petrol), diesel, and Liquefied Petroleum Gas (cooking gas).
The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Saidu Mohammed, made the declaration on Sunday during an inspection tour of Aradel Holdings Plc’s facilities in Ogbele, Ahoada East Local Government Area of Rivers State.
Mohammed attributed the positive trend to rising product supply, increased market competition, and sustained private sector investments following the removal of the fuel subsidy.“The more supply we have, the lower the price. This is already evident as petrol has dropped from about N1,000 to N800 per litre due to competition,” Mohammed stated. He emphasised that “sustained competition, rather than subsidies, will guarantee adequate supply of petrol and gas at affordable prices for Nigerians.”The NMDPRA boss explained that the subsidy removal enacted by President Bola Tinubu has allowed market forces to function properly, unlocking private sector participation across the oil and gas value chain.
While acknowledging the upcoming impact of the Dangote Refinery, Mohammed stressed that Nigeria requires additional refining capacity to meet domestic and export ambitions. “Our ambition extends beyond local consumption to exporting petroleum products to Africa, Europe and the Americas. However, domestic demand must first be adequately met,” he said.On state-owned refineries, Mohammed noted that the NMDPRA is engaging the Nigerian National Petroleum Company Limited (NNPCL) to ensure the delivery of crude oil and products to the Port Harcourt and Warri refinery reserves, a move expected to revive local economies and distribution networks.
During his three-day tour, Mohammed highlighted Aradel Holdings as a model of local capacity, noting its 11,000-barrels-per-day refinery, gas supply to NLNG, and virtual gas pipeline operations. He revealed that Aradel’s ongoing expansion is projected to enable petrol loading from its facility before the end of 2027.
The NMDPRA assured that it would continue to provide regulatory incentives to attract large-scale investments into the midstream sector, which it described as a critical driver for manufacturing, power generation, and economic growth.
