Nigeria’s petrol prices may remain elevated in the near term as persistent instability in the Middle East continues to put pressure on global crude and petroleum product markets, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said.
Lokpobiri said the impact of international energy markets remains a major factor in domestic petrol pricing, stressing that crude oil and petroleum products are globally traded commodities whose prices are influenced by developments beyond Nigeria.
Speaking on Channels Television’s Politics Today, the minister said the continuing Middle East crisis could prevent energy prices from easing in the immediate term.
“Because of what is happening in the Middle East, it is expected that energy prices may not come down. We should also know that oil and gas is a global commodity, what is sold in New York is also what is sold here,” he said.
His comments come as the international oil market continues to respond to geopolitical developments in the Middle East, with movements in crude prices feeding into the cost structure of refined petroleum products.
Lokpobiri also ruled out direct government control over petrol prices under Nigeria’s deregulated downstream petroleum market, saying the Federal Government does not have the authority to dictate retail prices.
“No, we don’t (have power to control price) because it is completely deregulated in line with global best standards all over the world,” he said.
The minister further argued that higher domestic crude production would not, by itself, guarantee lower petrol prices because Nigerian crude remains exposed to international market pricing.
“And as far as I am concerned, whether we are producing 3 million barrels today, the price will not change because it is a global commodity,” he said.
The position comes as the downstream market continues to adjust to elevated international crude prices and changing domestic supply dynamics. Recent market reports have put petrol prices at around ₦1,400 per litre in Lagos and Abuja, with prices reaching about ₦1,500 per litre in some northern markets.
For downstream operators, the minister’s comments reinforce the importance of international crude and refined-product prices, alongside domestic refining output, logistics and market supply, in determining the trajectory of petrol prices under the deregulated regime.