• Minister insists government would not allow marketers to exploit consumers through excessive pricing

● PETROAN Opposes IPMAN, Backs Minister on planned price intervention

Fuel marketers have warned they will shut down filling stations nationwide if the Federal Government attempts to impose price controls on petrol in Nigeria’s deregulated downstream petroleum sector.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, issued the warning on Tuesday while reacting to recent comments by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on the need to curb profiteering in the sector.

Speaking at the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja on Monday, Lokpobiri said although petrol pricing had been deregulated, the government would not allow marketers to exploit consumers through excessive pricing.

He stressed that while market forces should determine fuel prices, regulatory agencies still had a responsibility under the Petroleum Industry Act (PIA) to prevent unnecessary profiteering and protect consumers.

The minister’s remarks followed concerns over the failure of petrol prices to decline significantly despite a sharp drop in global crude oil prices.

Responding, Ukadike rejected allegations that marketers were profiteering, insisting that many operators were instead recording heavy losses due to repeated reductions in depot prices, particularly by the Dangote Refinery.

He argued that enforcing price controls in a deregulated market would contradict the provisions of the PIA and discourage investment in the sector.

“If the government tries to enforce price control, we will shut down our filling stations nationwide. You cannot operate a deregulated market and at the same time dictate the price marketers should sell their products without considering the cost of purchase,” he said.

Ukadike explained that marketers often buy fuel at higher prices only for depot prices to fall before they can sell, leaving them with losses while still servicing bank loans used to finance purchases.

According to him, the solution to high petrol prices is not government intervention in pricing but increased competition through improved local refining capacity and expanded fuel importation.

He urged the Federal Government to focus on reviving domestic refineries and creating an environment that encourages competition, which he said would naturally drive down fuel prices.

Also reacting, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the minister had the authority to intervene in the interest of consumers but advised that any decision should be taken after consultations with stakeholders.

He called on the Minister of Petroleum Resources to convene an emergency meeting involving regulators, refiners and marketers to address the pricing concerns and arrive at solutions acceptable to all parties.

Meanwhile, the spokesperson for the NMDPRA, George Ene-Ita, said he had not been briefed on any planned regulatory action regarding fuel pricing.

Petrol currently sells for between ₦1,140 and ₦1,210 per litre across different parts of the country, depending on location.

…Culled from Platforms Africa

….Headline reworked by thetrustnews.com

Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N462 billion for May 2026, its latest monthly report shows.
This represents a drop from the N481 billion recorded in April. The exact cause of this drop remains unclear as of press time.

The company, in its report summary released on today, highlighted key figures, including crude oil and condensate production, natural gas output, revenue, profit after tax, and strategic initiatives during the period.
In the report, the state-owned oil company posted a statutory payment of N4.86 trillion to the federation account within the first five months of 2026 (January to May).

The report also shows that the national oil company generated N4.33 trillion in revenue from oil, a decrease from N4.97 trillion it recorded in April.
According to the report, Nigeria’s crude oil and condensate production stood at 1.73 million barrels per day (bpd), up from April’s figure of 1.68 mbpd. Of this total, crude oil accounted for 1.47 mbpd, while condensates contributed 0.25 bpd.

Similarly, natural gas production was 7,774 mmscf/d in May, up from 7,730 mmscf/d in April. Gas sales stood at 4.921 bscf/d in May, down from 5.044 bscf/d in April.
The report further added that the petrol availability in its retail stations nationwide was 57 per cent in May, slightly up from 54 per cent in April, while the Obiafu-Obrikom-Oben Gas Pipeline project (OB3) hit 97 per cent completion, and the Ajaokuta- Kaduna- Kano (AKK) pipeline remained at 94 per cent completion, unmoved from the preceding month.

The NNPC said its strategic effort, including addressing well performance issues, reservoir pressure decline, lifting constraints, maintenance-related shutdowns, and facility reliability challenges, will reduce production deferments, improve asset availability and increase production.

The NNPC said the OB3 River Niger Crossing significantly progressed post pullback, precommissioning and tie-in works required to achieve commissioning of the full OB3 pipeline section by the end of Q3 2026.
The report said all production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders.

“Production improved in May due to higher asset reliability and uptime; however, output remained below target due to well performance issues (TEPNG), reservoir pressure constraints (Bonga), lifting-related curtailments (Nembe), and maintenance activities (Stardeep Agbami),” the report said.

President Samia Suluhu Hassan of Tanzania has held high level talks with President and Chief Executive of Dangote Industries Limited, Aliko Dangote, on a major expansion of the Group’s investments in Tanzania, with discussions focusing on transport infrastructure, fertiliser production, power generation, ports and regional trade.

The meeting, held at the State House in Dar es Salaam, reaffirmed the long-standing partnership between Tanzania and the Dangote Group while opening discussions on a new phase of investments aligned with the country’s industrialisation and economic transformation agenda.

Speaking after the meeting, Dangote said Tanzania remains one of Africa’s most attractive investment destinations, noting that the Group had identified several strategic sectors capable of delivering significant economic value.

“We have identified areas that can deliver significant value for Tanzania, and we are ready to work together to develop them for our mutual benefit,” he said.

The discussions covered a broad range of projects, including port development, the construction of a 40-kilometre concrete access road to support port operations, development of a special trade zone, a proposed 2,000-megawatt coal fired power plant, a urea fertiliser plant and transport infrastructure linking Mtwara with Mbamba Bay in southern Tanzania.

Dangote also explained the commercial and technical considerations behind the Group’s decision to locate its planned East African refinery in Lamu, Kenya, while extending an invitation to the Government of Tanzania to participate in the investment.

President Samia welcomed the Dangote Group’s continued confidence in Tanzania and directed relevant ministries and government agencies to commence detailed technical discussions on the proposed investments in line with the country’s legal, policy and development priorities.

She also appointed the Minister of Planning and Investment to coordinate the strategic partnership with Dangote Industries Limited, with both sides expected to begin formal negotiations in the coming days.

A Tanzanian government delegation led by the Minister is expected to visit Nigeria to advance discussions and develop implementation frameworks for the proposed projects.

According to a statement from the Directorate of Presidential Communications, the Government remains committed to strengthening partnerships with the private sector as part of efforts to mobilise productive investment, accelerate industrialisation, promote technology transfer, and create sustainable employment opportunities.

Dangote Industries already operates one of Tanzania’s largest industrial investments through its $500 million cement plant in Mtwara, which has an annual production capacity of three million tonnes and supplies both the domestic market and neighbouring countries.

The latest engagement deepens the partnership between Tanzania and the Dangote Group and reinforces the company’s position as one of Africa’s leading private sector investors driving regional industrialisation, infrastructure development, and economic integration.