Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to prevent oil marketers from overcharging citizens in the current deregulated market. This instruction was issued during the 2026 NMDPRA General Counsel and Legal Advisers Forum in Abuja.
Lokpobiri observed that despite a drop in global crude oil prices from $120 to $72 per barrel, domestic petrol prices remain high. He emphasized that deregulation should not be a license for profiteering. Furthermore, he directed the regulator to monitor filling stations to ensure customers receive the accurate volume of fuel they purchase.
The Minister highlighted that the Petroleum Industry Act (PIA) serves as a framework for industry growth, but actual success hinges on consistent regulation and investor confidence. He encouraged legal professionals in the sector to facilitate business growth rather than creating bureaucratic hurdles.
NMDPRA Authority Chief Executive, Mallam Rabiu Umar, noted that the industry is moving beyond basic compliance toward prioritizing transparency and predictability. The Authority remains committed to refining its regulatory framework to better serve stakeholders and encourage investment.
