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Market forces will always determine fuel price – Lokpobiri
The Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri yesterday assured oil and gas players of sustained collaboration.
But he clarified that market forces would continue to determine the fuel price in a deregulated market.
The minister spoke at the Petroleum Industry Stakeholders Forum Meeting in Abuja, which brought together key players, including Federal Government agencies and other private operators.
At the meeting, the stakeholders commended the Federal Government for creating an enabling environment.
The minister noted that the forum was meant to build a consensus for articulation of what is best for the industry.
Lokpobiri said: ”The whole essence of the meeting was to bring the entire leadership of the oil industry together so that we will be able to build consensus around saying things that we think will be better for the industry.”
He said it is natural for prices to fluctuate in a deregulated market, adding that the international crude oil price is accountable for product price all over the world.
The minister said: “Nobody in a deregulated market can tell you that, okay, prices will come down or will not come down. It is dictated by the international crude oil price. And Nigeria can’t be an exception at all.”
The minister said the essence of deregulation is for prices of petrol to oscillate in line with market forces.
He added: “The whole essence of deregulation is for price to find its level.”
The minister recalled that during the last Yuletide, the prices crashed to as low as N1,020 per litre, N999 per litre and so on in Bayelsa State where he monitored the petrol market.
He explained that in a deregulated regime, the concern of the government is to ensure quality control, product availability, and the dispensing of the right quantity.
He said: “What we are concerned about, and I have always had that discussion with you, with the authority, the Chief Executive of NMDPRA, that government is more interested in is quality control.
“What government is more interested in is availability. What government is particularly interested in is disposition of the right quantity. If I buy 10 liters of fuel, let it be that we are not surchanged by the pump fuel price. “
Lokpobiri said there were no queues in the last few weeks because of the competition that emanated from the deregulated market.
Asked whether the prices of the Premium Motor Spirit (PMS) petrol would rise owing to the rising prices of crude oil, the Major Energy Marketers Association of Nigeria (MEMAN), chairman, Huub Stockman, said the rise in crude oil price does not automatically mean an increase in petrol price.
He admitted that crude oil is a major component of the pricing template, noting that other market parameters also determine the cost of PMS.
He said apart from that it was too early to conclude that high crude oil price would result in increased petrol price, the time is also unpredictable.
His words: “I think that is always a bit of a crystal ball conversation, if you know what I mean. Because crude and product prices don’t always directly relate. And it’s not always so that when the crude changes, immediately all other products that are derivatives from it change.
“So, if I would know, I would probably not be standing here, but I would do something else. But I think normally there is a correlation. But I think it is too early to say when or what impact it would have.”
The Independent Petroleum Marketers Association of Nigeria (IPMAN), National President, Alhaji Abubakar Maigandi, confirmed that his members have been lifting products directly from Dangote Refinery and also from the Nigerian National Petroleum Company Limited (NNPCL).
He said the direct lifting of the product has made it possible for independent marketers to sell at lower prices than the others.
The IPMAN boss said his association has maintained a uniform price of N935 per litre for petrol because of the partnership with Dangote Refinery.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), National President, Dr. Billy Hary recommended the meeting holds quarterly to ensure policies are unanimously discussed by all the organizations before the are rolled out.
He said: “And we recommend that it should be a quarterly one and emergencies should also be called to ensure that no organization or department of the government will roll out policies that are not discussed in a way that those who will obey those laws will certainly get answers quickly.”
The Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya said the industry has been battling to raise output.
He stressed that the present administration has increased production to the quota of the Organization of Petroleum Exporting Countries (OPEC).
He described the forum as the right thing to do as obtainable in the Middle East to sustain production volume.
He said even in the face of crashing prices, the forum would make it possible to ensure the production of sufficient volume to sustain the economy.
Ogunsanya said: “If you go to the Middle East, they have policies where the volume of oil and gas that is produced year in year out is sustained.
“So we’re supporting the minister to write a policy to ensure that this boom and bust that we’ve had in the Nigerian industry, we’re able to mitigate it. If you look at the price of oil, it started increasing since 2022.
“We were struggling to increase production and thanks to this minister and this administration, for the first time we are producing the level that OPEC has allocated to. Imagine if we started producing that for two years. We were struggling.”
…hails emergence of Bawa as state chairman
The Senator representing Taraba Central Senatorial District Senator Manu Haruna on Sunday donated five operational vehicles to Taraba Peoples Democratic Party, PDP to enhance its operations.
Manu also seized the opportunity to congratulate the state Chairman, Hon Abubakar Bawa when he visited the secretariat in Jalingo last Sunday.
The former State Deputy Governor expressed his congratulations to Chairman Bawa and the state working committee for their election, emphasizing the importance of unity and progress within the party. He commended their commitment to strengthening the People’s Democratic Party (PDP) in Taraba State.
In a generous move to enhance the operational capacity of the party at the grassroots level, Senator Manu donated five vehicles — one for each Local Government Area (LGA) party chapter in Taraba Central.
This donation is intended to facilitate better coordination and outreach efforts within the party.
Senator Manu praised Hon. Abubakar Bawa for his dedicated efforts to elevate the PDP in the state, asserting that Taraba will always remain a stronghold for the party.
In response, State Party Chairman Alhaji Bawa expressed his heartfelt gratitude to Senator Manu for his thoughtful visit and generous donation. He acknowledged the impact of such contributions on the party’s progress and reemphasized the commitment of the PDP to serve the interests of the people in Taraba State.
By Francesca Hangeior
The Attorney General of the Federation and Minister of Justice, AGF, Prince Lateef Fagbemi, SAN, has canvassed for greater efforts and commitments to the Federal Government’s aspirations to produce a workable legal framework for the country.
He charged the Committee put in place by the federal government to review, revise and consolidate the Laws of the Federation of Nigeria, LFN, to double the efforts and commitments to deliver on the mandate at the appointed time.
Fagbemi, a Senior Advocate of Nigeria, spoke on Monday in Abuja at the second retreat of the Committee put in place in October last year for the laws of the federation revision and reform.
The AGF while challenging the committee to be up and doing asked the members to remain united in purpose and steadfast in the resolve to produce a legal framework that is worthy of the nation’s aspirations.
He said the second retreat organized by the federal government was a strategic consolidation of the national law reform efforts and to provide an invaluable opportunity to come up with a better workable legal framework for the nation.
“Let me start by expressing gratitude to the Chairman, Co-Chairperson and members of the Committee for their selfless service and sacrifice, to ensure that this project is executed efficiently and effectively.
“The call to be part of this assignment is indeed a sacred that inevitably and positively affects the lives of individuals, government, businesses as well as citizens of this nation.
“The general purpose of law is to regulate human behavior by protecting lives and properties in society. The inauguration of the Committee on the 24th October, 2024 marked a historic milestone in our collective efforts to modernize, consolidate, and harmonize Nigeria’s body of federal statutes.
“The retreat successfully provides a clear framework for the structure and methodology of the revision exercise, oriented the 14 Working Groups tasked with reviewing specific legal subject areas, and fostered collaboration among key institutions and stakeholders on the project.
“Following the initial retreat, I wish to note that the Committee has recorded steady progress in its work.
“The Ministry has taken several measures to ensure that the assignment is delivered efficiently, including:training sessions for secretaries of the working groups to enhance documentation and coordination; technical meetings of the main committee and its various sub-committees; working sessions and deliberations among editors and reviewers; and ongoing technical collation of revised laws by the Secretariat.
“This second retreat is a strategic consolidation of our national law reform efforts and provides an invaluable opportunity to: review progress made since the first phase;
address any technical or structural challenges encountered during the collation process;
– Harmonize the output across working groups; and set the tone for the final stages of this important project.
“The next stage of the law review and consolidation process would include editing and proofreading the reviewed legislation, ahead of the final collation, production and printing of the laws of the federation.
“It is my conviction that these phases will be executed with even greater commitment by the Committee, with the support of stakeholders and development partners.
“I wish to commend the leadership of the LFN Committee, the Secretariat for its diligent coordination and day-to-day management as well as the Working Groups, Editors, and Reviewers, for their intellectual rigour and professionalism.
“Special gratitude to our development partners, particularly RoLAC, for standing firmly behind this national project.
“Let me urge all participants to use this retreat as a platform for robust engagement, peer learning, and practical collaboration.
“We must remain united in purpose and steadfast in our resolve to produce a legal framework that is worthy of our nation’s aspirations.
” I wish to express gratitude for your commitment to duty and I charge you to work in synergy and cooperation, in the overall interest of the nation”, the AGF said.
The Rivers State Sole Administrator, Vice Admiral Ibok-Ete Ibas (retd.), has replied to the Nigerian Bar Association regarding the reason for relocating its Annual General Conference from Port Harcourt to Enugu State.
Ibas faulted the reason cited by the NBA, describing it as misleading and uncharitable.
The Sole Administrator stated this in a statement issued in Port Harcourt on Monday by his media aide, Hector Igbikiowubo, and sent to newsmen.
He said while the NBA reserves the right to choose a venue for its conference, the association had yet to address the issue of the refund of the hosting rights paid by the state government for the conference.
The statement partly reads, “While we respect the NBA’s right to choose its conference venues, we find it curious that the association—despite its “principled position”— didn’t address the refund of the N300 million already paid by the Rivers State Government for the hosting rights of the 2025 conference.
“If the NBA truly stands on principle, it should demonstrate the same integrity by promptly returning these funds rather than benefiting from a state it now publicly discredits.”
It added, “The attention of the Rivers State Government has been drawn to the Nigeria Bar Association’s announcement dated 10th April 2025, relocating its 2025 Annual General Conference from Port Harcourt to Enugu.
The statement partly reads, “While we respect the NBA’s right to choose its conference venues, we find it curious that the association—despite its “principled position”— didn’t address the refund of the N300 million already paid by the Rivers State Government for the hosting rights of the 2025 conference.
“If the NBA truly stands on principle, it should demonstrate the same integrity by promptly returning these funds rather than benefiting from a state it now publicly discredits.”
It added, “The attention of the Rivers State Government has been drawn to the Nigeria Bar Association’s announcement dated 10th April 2025, relocating its 2025 Annual General Conference from Port Harcourt to Enugu.
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