The Federal Government has intensified pressure on petroleum marketers to reduce the pump price of Premium Motor Spirit, insisting that the decline in international crude oil prices should be reflected in retail fuel prices across the country.

Speaking at the Stakeholders' Meeting on Cost-Reflective Pricing of PMS in Abuja, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the deregulated downstream petroleum sector does not permit excessive profiteering at the expense of consumers.

The meeting was attended by representatives of Dangote Refinery, the Major Energy Marketers Association of Nigeria, Independent Petroleum Marketers Association of Nigeria, Depots and Petroleum Products Marketers Association of Nigeria, Nigerian Association of Road Transport Owners, and the Petroleum Products Retail Outlets Owners Association of Nigeria.

Lokpobiri said while the government accepted increases in petrol prices when global crude oil prices surged, there is no reason for marketers to maintain high pump prices now that Brent crude has fallen below $70 per barrel, explaining that the engagement was aimed at reaching a consensus with industry operators rather than imposing regulatory directives.

He reaffirmed the Federal Government's commitment to sustaining the deregulation policy while ensuring that consumers benefit from fair pricing and adequate fuel supply.