Nigeria Sets July Summit to Tackle Petrol Pricing Concerns
Written by Olakunle Oke on July 4, 2025
The Federal Government of Nigeria has announced a strategic summit scheduled for July 23–24, 2025, aimed at addressing the ongoing challenges surrounding petrol pricing and distribution. This crucial forum will be hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) as part of the Nigeria Oil and Gas Energy Week.
Speaking during the announcement, Francis Ogaree, a senior official at NMDPRA, said the summit is designed to unite stakeholders from across the petroleum industry to engage in discussions on how to stabilize fuel prices and improve market transparency following the removal of fuel subsidies.
One of the major voices leading the call for reform is Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), who stressed the need for open and transparent pricing mechanisms. Meanwhile, the oil workers’ union PENGASSAN has proposed a national pump price benchmark ranging from ₦700 to ₦750 per litre, arguing it would reflect current market realities while ensuring sustainability.
NMDPRA officials reiterated their commitment to developing a standardized petrol pricing structure and incentivizing greater investments in local refining infrastructure, which would reduce Nigeria’s dependence on imported fuel and ultimately stabilize long-term market conditions.
