The Federal Government has commenced discussions with petroleum marketers and industry regulators to address concerns over the pricing of Premium Motor Spirit (PMS), commonly known as petrol, and ensure a more transparent and equitable pricing system.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this while briefing journalists after the Federal Executive Council (FEC) meeting presided over by President Bola Ahmed Tinubu at the Presidential Villa in Abuja.

Oyedele said the government was working closely with fuel marketers and regulatory agencies to address issues surrounding fuel pricing and promote fairness in the downstream petroleum sector.

His comments come amid growing public concern over the continued high pump prices of petrol despite the recent decline in global crude oil prices. Oil prices have fallen back to between $75 and $76 per barrel following the easing of tensions between the United States and Iran after a peace agreement.

Many Nigerians have questioned why retail fuel prices have remained largely unchanged despite the drop in international crude prices.

Responding to the concerns, the minister said the Federal Government is committed to ensuring that pricing practices in the downstream petroleum industry are fair and reflect prevailing market realities.

Meanwhile, the Federal Executive Council also approved a series of reforms for the National Youth Service Corps (NYSC) aimed at repositioning the scheme.

The Minister of Youth Development, Ayodele Olawande, announced that the 53-year-old national service programme would henceforth be led by civilians, ending the long-standing practice of appointing senior military officers to head the scheme.

Olawande also disclosed that the reforms would introduce enhanced professional and vocational training programmes for corps members to improve their employability and better prepare them for opportunities after completing the mandatory national service.