Deregulation Is Not a Licence for Profiteering, Lokpobiri Warns Industry

The minister of state for Petroleum Resources, (Gas), Senator Heineken Lokpobiri, has warned industry players that the deregulation of Nigeria’s petroleum sector must not be used as a pretext for excessive pricing or shortchanging consumers.
Speaking at the 2026 NMDPRA General Counsel and Legal Advisers Forum, in Abuja on Monday, Lokpobiri said the Petroleum Industry Act of 2021 provided the legal framework for a more transparent and commercial sector, but regulators must now ensure the law delivers results for investors and consumers alike.
“Deregulation is not a licence for profiteering,” Lokpobiri said. He acknowledged that removing price controls had ended artificial scarcity and ...