The Federal Government has scheduled a meeting with refiners, depot owners, petroleum marketers and retailers to discuss fuel pricing and explore ways to make petroleum products more affordable for Nigerians.

The meeting, scheduled for Tuesday, was announced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in a notice signed by its spokesperson, George Ita-Ene.

The consultation is being held in line with the Petroleum Industry Act and the Federal Competition and Consumer Protection Act.

The development comes amid a sharp increase in petrol prices, with pump prices rising to between N1,395 and N1,450 per litre in Abuja and other parts of the country.

Meanwhile, international crude oil prices have fallen, with Brent and West Texas Intermediate (WTI) declining by more than three per cent to $100.50 and $92.43 per barrel respectively at the time of reporting.

Following the decline in crude prices, Dangote Refinery on Monday reduced its gantry price by N25 to N1,325 per litre.

The latest reduction could lead to lower petrol pump prices in the coming days as marketers review their pricing following the government’s planned consultation.

Speaking on the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said a reduction in petrol prices could be considered during Tuesday’s meeting.

However, he dismissed the possibility of petrol selling for N500 per litre, as demanded by some civil servants, saying the price was not realistic under current market conditions.

Gillis-Harry said PETROAN and other stakeholders would continue to consider the interests of Nigerians but would not operate at a loss.

He argued that achieving a N500 per litre price would require significant intervention, including subsidies, which he said could create additional economic challenges.

The Joint National Public Service Negotiating Council had recently written to President Bola Tinubu, demanding that the government reduce petrol prices to N500 per litre or increase the minimum wage to N500,000.

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