N700 Per Litre: Marketers Give Real Petrol Cost as FG Set Date for Pricing Summit

• The Federal Government has scheduled a stakeholder summit for July 23-24, 2025, to address concerns regarding gasoline pricing and supply dynamics in Nigeria's downstream sector.
• The event, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), will involve government representatives, refiners, and marketers to discuss petroleum pricing standards and stabilisation tactics.
• NMDPRA Executive Director Francis Ogaree highlighted the ongoing efforts to standardise pricing and allay concerns, particularly in light of the recent price hikes by Dangote refinery.

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

In response to increased agitation from independent marketers for price control, the Federal Government has scheduled a nationwide stakeholder event for July 23 and 24, 2025, to address growing concerns about gasoline pricing and supply dynamics in the downstream sector.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is organising the summit, expected to bring together government representatives, refiners, marketers, and industry operators to discuss feedstock sufficiency, petroleum pricing standards, and stabilization tactics in the deregulated market.

Francis Ogaree, the NMDPRA's Executive Director of Hydrocarbon Processing Plants, Installation, and Transportation Infrastructure, announced the summit and its dates during the recently concluded 24th Nigeria Oil and Gas Energy Week in Abuja.

The director also emphasised the necessity of communication to create a robust pricing structure in the post-subsidy period.

Recall that the abrupt price increases for Premium Motor Spirit (PMS), also referred to as gasoline, by the Dangote refinery, without prior notice, have caused agitation and concerns among petroleum marketers.

Billy Gillis-Harry, president of the Petroleum Products Retail Outlets Owners Association of Nigeria, has emphasised the importance of a steady market and reliable energy security on numerous occasions. He has also pushed for systems to monitor price changes and ensure they do not have a detrimental effect on the sector.

Gillis-Harry demanded clarity on pricing, particularly regarding how Dangote's price cuts will affect retailers who may have paid more for petrol. They have also called for fair pricing policies and the avoidance of unethical business practices.

Real petrol price

Similarly, the Petroleum and Natural Gas Senior Staff Association of Nigeria questioned the petroleum pricing regime last month. They stated that the current pump price of PMS should be between N700 and N750 per litre, emphasising that petroleum marketers are taking advantage of Nigerians by inflating petrol prices.

Ogaree addressed these concerns by stating that the NMDPRA had taken proactive measures to standardise pricing while encouraging greater investment in regional refining and was aware of the operational risks facing industry participants. Speaking during the panel session titled 'Building a Resilient and Competitive Refining Sector', he said:

“We are engaging stakeholders at our forum, where we address the issues and offer solutions. I would like to remind you that the NMDPRA has only been in existence for three and a half years. In that period, we have made significant progress in issuing licenses and addressing key issues.

"Even on the issue of petroleum pricing, which we are currently facing and which relates to standardisation. It is a work in progress, and that is why, later this month, on July 23-24, we will hold a two-day event to discuss petrol pricing. This is aimed at allaying some fears and establishing standards. The issue of pricing is well-known to be sensitive and varies from country to country, and the authority is actively addressing it.”

NNPC Increase petrol price by N45

Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) has increased its petrol pump price to N915 per litre in Lagos on Sunday, June 22.

This new price represents a N45 ncrease from the previous pump price of N870 per litre.

Earlier, Legit.ng reported that Ardova, Mobil, Petrocam, Hyden, Matrix and other filling stations have also made changes to their pump price above N900 per litre.

Source: Legit.ng