Minister of state for petroleum resources (Oil), Heineken Lokpobiri, has reiterated the federal government’s commitment towards ensuring quality control and availability of petroleum products in a deregulated sector.

Mr Lokpobiri made this known while briefing journalists shortly after the inaugural petroleum industry stakeholders’ forum held by the ministry on Thursday in Abuja.

He said that the price of the Premium Motor Spirit (PMS), known as fuel, in a deregulated market was being dictated by the international crude oil price and that Nigeria would not be an exception.

The forum offers the stakeholders an opportunity for a broad assessment of the industry, aimed at identifying challenges and proffering appropriate solutions for the sector’s growth.

“So, what we are concerned about, and I always discuss with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPR), is that the government is more interested in quality control and availability.

“What the government is particularly interested in is the disposition of the right quantity.

“If we buy 10 litres of fuel, let it be that we are not shortchanged by the fuel pump price; that is where we have issues.

“The essence of deregulation is for price to find its level. Before now, you were hearing negative news about fuel subsidy, but today, there is no news about fuel subsidy because the sector is completely deregulated.

“As the international oil price goes up, the fuel price may go up. As the oil price comes down, the price may come down.

“And once there is competition, people have a choice of fuel station to buy fuel, and this is why you cannot see any queues, which is the real essence of deregulation,’’ he said.

The minister emphasised the need to address the issues of policy conflicts and multiple taxes as well as levies in the sector.

He said the forum was aimed at bringing the entire leadership of the oil industry together to be able to form a common front and build a consensus around things that would better the industry.

“The whole idea is to have a one-stop shop where all stakeholders will gather and address issues concerning the oil industry and evolve policies,’’ he said.

Also speaking, Billy Harry, national president, Petroleum Retail Outlets Owners Association of Nigeria (PETROAN), expressed willingness to work with the government together to ensure energy security.

Mr Harry, while thanking the minister and all industry stakeholders that had ensured that the forum was established, recommended that the forum should be convened quarterly in anticipation of favourable policies.

Abubakar Shettima, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), lauded the inaugural forum and attributed the current reduction in fuel retail prices to its partnership with Dangote refinery.

Mr Shettima confirmed that IPMAN had started loading fuel from Dangote refinery just like MRS oil marketing company since 2024 ending.

He said the agreement between MRS, IPMAN and Dangote refinery led to the reduction in prices of PMS to a uniform price of N935 across their outlets in the country.

The forum included ministers of state petroleum resources (oil and gas), key industry players, chief executives of regulatory agencies, and industry captains, among other stakeholders.

(NAN)