The Federal Government has scheduled a national stakeholders’ summit on petrol pricing and downstream sector stability for July 23 and 24, 2025, in response to mounting concerns from industry players and marketers over fluctuating fuel prices and supply issues.

The summit, to be hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), will convene operators, independent marketers, refiners, and government officials to deliberate on petroleum pricing standards, feedstock sufficiency, and strategies to reinforce the deregulated market in the post-subsidy era.

Confirming the date at the recently concluded 24th Nigeria Oil and Gas Energy Week in Abuja, the Executive Director of Hydrocarbon Processing Plants, Installation and Transportation Infrastructure at the NMDPRA, Francis Ogaree, said the forum would provide a platform to address stakeholder concerns and chart a sustainable pricing framework.

“We are engaging stakeholders at our forum, where we address the issues and proffer solutions. Even on the issue of petroleum pricing, which relates to standardisation, it is a work in progress. That is why at the latter part of this month, exactly on July 23 to 24, we will be talking about petrol pricing. This is to allay some fears and put standards in place,” Ogaree said.

He acknowledged the sensitive nature of fuel pricing in Nigeria, adding that the summit would serve as a forum to clarify regulatory intentions and boost market confidence.

Tensions have been rising in the downstream sector, with independent marketers decrying unpredictable pump price adjustments, especially by private refineries such as Dangote Refinery. Many marketers have raised concerns about being caught in losses when they procure fuel at higher prices before sudden price drops.

The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, has consistently called for transparency in pricing, noting that erratic pricing mechanisms disrupt planning and threaten energy security.

“Retailers need pricing stability. When refiners like Dangote suddenly reduce prices, those who bought at a higher rate are trapped in losses. There must be fair pricing practices and mechanisms to track fluctuations without punishing downstream operators,” Gillis-Harry said in a recent statement.

In a similar vein, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) last month questioned the current pricing framework, alleging that marketers were inflating petrol prices at the expense of Nigerian consumers. The union maintained that the pump price of Premium Motor Spirit (PMS) should range between ₦700 and ₦750 per litre, based on prevailing realities.

Ogaree assured stakeholders that the NMDPRA was actively working to balance deregulation with market fairness and long-term investment in refining. He highlighted progress made since the agency’s establishment three and a half years ago, noting significant milestones in licensing and regulation.

Providing an outlook on Nigeria’s refining capacity, Ogaree revealed that ten refineries—including the three Nigerian National Petroleum Company (NNPC) refineries, the 650,000 barrels-per-day Dangote Refinery, and six modular refineries—are either operational or nearing readiness.

“We need about 1,124,000 barrels per day to meet the combined refining capacity. Some of the upcoming refineries will require between 1,000 and 200,000 barrels per day and are expected to come on stream by 2026,” he said.

However, he cautioned that the success of local refining hinges on the availability of crude oil feedstock. With 47 refinery licenses issued, the regulator is grappling with how to ensure adequate supply when all licensed facilities become operational.

“The apparent fear, and I must be sincere, is feedstock. If all these licensed refineries go on stream, we must ramp up production to meet their demands,” Ogaree added.

As preparations for the summit intensify, industry stakeholders are hopeful that the forum will mark a turning point in establishing a resilient, transparent, and investor-friendly pricing regime that serves both operators and consumers in Nigeria’s evolving petroleum landscape.