Petrol Pricing Stakeholder Forum set for July 23–24 to address pricing instability and supply concerns amid calls for fair practice in Nigeria’s downstream sector

[dropcap]P[/dropcap]etrol Pricing Stakeholder Forum is scheduled for July 23 and 24, 2025, in a move by the Federal Government to address pressing concerns surrounding fuel pricing and market stability.

Also read: Nigeria petrol price drop brings emotional relief to struggling motorists

The forum, to be hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, will bring together regulators, independent marketers, refiners, and industry players to deliberate on the future of Nigeria’s deregulated petroleum sector.

The announcement was confirmed by Francis Ogaree, Executive Director of Hydrocarbon Processing Plants, during a panel session at the recently concluded Nigeria Oil and Gas Energy Week in Abuja.

The session, titled “Building a resilient and competitive refining sector,” highlighted the growing unrest within the downstream industry.

“In today’s deregulated space, the pricing of petrol has become a highly sensitive and dynamic issue,” Ogaree said.

“We are engaging stakeholders at our forum, where we address the issues and proffer solutions. We must allay fears and put in some standards.”

The upcoming Petrol Pricing Stakeholder Forum comes amid rising agitation from fuel marketers over sudden price changes introduced by the Dangote refinery.

Retailers claim that abrupt price drops hurt those who bought fuel at higher rates without notice. This volatility has triggered demands for more transparency and fairer pricing practices across the sector.

Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, has repeatedly called for clarity. “We must find a way to stabilise this market,” he urged.

“The entire energy ecosystem needs confidence, and we cannot have it if pricing continues to surprise operators. We must develop mechanisms that analyse and communicate these changes.”

His concerns echo broader dissatisfaction. Last month, the Petroleum and Natural Gas Senior Staff Association of Nigeria questioned the pricing framework, alleging that fuel marketers were inflating prices beyond sustainable levels. The union believes petrol should sell within a range of ₦700 to ₦750 per litre.

Ogaree acknowledged these issues and reiterated the authority’s commitment to stabilising the sector. “Even on the issue of petroleum pricing, it’s a work in progress. It is sensitive and country-specific. That’s why we’re holding this two-day event,” he said.

He also provided an update on Nigeria’s refining capacity, revealing that the country now boasts ten operational and near-operational refineries.

These include three NNPC facilities, the 650,000 barrels-per-day Dangote refinery, and six modular refineries.

“We have about 10 refineries right now,” Ogaree said. “Some of the upcoming ones will need between 1,000 and 200,000 barrels per day. When I compute the total demand, we need about 1.1 million barrels daily.”

He warned that without a steady crude oil supply, refiners would struggle to meet national demand. “You know that this number of barrels has to grow, and there has to be more production. The apparent fear, and I must be sincere, is on the feedstock.”

So far, the authority has issued 47 licences for refinery establishment and construction. If all go into operation by 2026 as projected, demand for feedstock will significantly increase, intensifying the need for upstream reforms and production expansion.

While deregulation remains the government’s policy direction, the Petrol Pricing Stakeholder Forum aims to shape a more coherent pricing regime.

Stakeholders are expected to discuss a wide range of topics including price monitoring, distribution logistics, and the role of private refineries in shaping national supply security.

Also read: Petroleum marketers demand clarity on Dangote refinery petrol pricing amid controversy

As the date approaches, expectations are high. Many hope the forum will offer practical, lasting solutions to pricing instability and pave the way for a more transparent and predictable downstream market.