The Federal Government has announced July 23 and 24, 2025, as the dates for a national summit to discuss petrol pricing and supply challenges in Nigeria’s downstream sector.
This was made known by Francis Ogaree, Executive Director of Hydrocarbon Processing Plants at the Nigerian Midstream and Downstream Petroleum Regulatory Authority. He said the meeting will involve marketers, refiners, and government officials.
The summit will address worries over sudden price changes and feedstock supply, especially after complaints from petrol dealers about fuel price cuts by Dangote refinery without notice.
“Even on the issue of petroleum pricing, which is another one that we are facing now and relates to standardisation, it is a work in progress,” Ogaree said at the 24th Nigeria Oil and Gas Energy Week in Abuja.
“At the latter part of this month, exactly on July 23 to 24, a two-day event, we will be talking about petrol pricing. That is to allay some fears and put in some standards.”
Many petrol retailers had raised concern over how they were affected by price drops after buying stock at higher prices. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association, called for fair pricing and said retailers need protection from sudden market changes.
The Petroleum and Natural Gas Senior Staff Association of Nigeria had also questioned why petrol prices are as high as N750 per litre in some areas, accusing some marketers of exploiting Nigerians.
Ogaree said the authority is already looking for ways to make pricing more stable and support investment in local refining.
On the current status of refining in Nigeria, he said the country now has 10 refineries that are either working or close to working. These include the three NNPC refineries, the Dangote refinery, and six modular plants.
“We have about 10 refineries right now. The three Nigerian National Petroleum Company refineries, Dangote refinery and six modular refineries. When I look at the combined capacity for those refineries, we need about 1,124,000 barrels per day,” he said.
He warned that more crude oil would be needed to keep all the new and upcoming refineries running.
“We must be able to meet their demands when they all go on stream,” he said, adding that 47 refinery licenses had already been issued.
