PETROAN CALLS FOR REDUCTION IN FUEL PRICES AMID GLOBAL CRUDE OIL PRICE DECLINE
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By Aishat Momoh. O.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged refiners, depot owners and petroleum product importers to immediately reduce prices in response to the recent decline in global crude oil prices.
The association said the adjustment would allow Nigerians to benefit from improved international market conditions and ease economic pressures on households and businesses.
In a statement signed by its National Public Relations Officer, Joseph Obele, PETROAN said the fall in crude prices presents a clear opportunity for operators in the downstream petroleum sector to reduce both ex-depot and retail pump prices.
PETROAN National President, Billy Gillis-Harry, said local petroleum pricing should reflect current global oil market realities.
He noted that Brent crude has fallen to about $77–$78 per barrel following geopolitical developments, including a ceasefire agreement between the United States and Iran and expectations of improved oil flow through the Strait of Hormuz.
Market analysts, according to the association, expect Brent crude to trade between $75 and $82 per barrel in the coming week, while West Texas Intermediate (WTI) is projected to range between $72 and $79 per barrel.
PETROAN expressed concern that imported petroleum products are, in some cases, arriving in Nigeria at lower costs than locally refined products, describing the situation as a signal for greater efficiency and competitiveness in the downstream sector.
The association called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers, arguing that increased competition would help stabilise supply and reduce prices.
According to Gillis-Harry, competition remains essential for efficiency, cost reduction and consumer protection in the petroleum market.
He added that a more competitive environment would compel operators to adjust prices downward in line with global trends.
PETROAN also urged the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to engage with Chinese firms that have shown interest in managing the Port Harcourt and Warri refineries.
The association said that private-sector-driven operations of the refineries would improve efficiency, boost domestic refining capacity and further reduce fuel prices.
It maintained that the revival of the refineries would strengthen supply stability and enhance competition in the sector, ultimately benefiting consumers.
“For Nigeria, sustained moderation in crude oil prices, coupled with stable exchange rates and refining costs, should support lower petrol prices and provide relief to consumers and businesses facing economic challenges,” the association added.
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