FG VOWS CRACKDOWN ON FUEL PROFITEERING DESPITE DEREGULATION

The Federal Government has vowed to intensify its crackdown on fuel profiteering and exploitative pricing by marketers, even as the downstream petroleum sector operates under a deregulated regime.

The Minister of State for Petroleum Resources (Oil), Mr. Heineken Lokpobiri, made this commitment during a stakeholders’ meeting, stressing that deregulation does not translate to unchecked profiteering. “Consumers must not be subjected to arbitrary price increases. We will not tolerate market manipulation,” he warned.

The government has directed regulatory agencies to monitor retail outlets closely and take decisive action against dealers found guilty of hoarding or unjustified mark-ups. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been tasked with strengthening surveillance and enforcement mechanisms.

The assurance comes amid public complaints of high fuel prices despite global crude oil price moderation. Analysts have called for greater transparency in the supply chain and stronger competition to protect consumers.

The Federal Government reiterated its commitment to a stable and affordable fuel supply while maintaining the gains of deregulation.