By Kolawole Omotola Olaide
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot operators, and fuel importers to reduce petrol prices following a decline in global crude oil prices.
The association said the drop in international oil prices presents an opportunity for stakeholders in Nigeria’s downstream petroleum sector to lower ex-depot and pump prices, easing the financial burden on consumers and businesses grappling with economic challenges.
In a statement issued by PETROAN’s National Public Relations Officer, Joseph Obele, the association’s National President, Billy Gillis-Harry, noted that recent developments in the global oil market should be reflected in domestic fuel pricing.
According to the statement, Brent crude prices have declined to between $77 and $78 per barrel after the ceasefire agreement between the United States and Iran and expectations of improved oil export flows through the Strait of Hormuz.
The association said market analysts project Brent crude prices to trade between $75 and $82 per barrel in the coming days, while West Texas Intermediate (WTI) crude is expected to remain within the range of $72 to $79 per barrel.
PETROAN expressed concern that imported petroleum products are in some cases landing in Nigeria at lower costs than products supplied by local refiners, stressing the need for a more competitive market environment.
Gillis-Harry argued that consumers should benefit from lower international oil prices through reduced fuel costs, adding that competition among suppliers remains essential to ensuring affordable and reliable petroleum products.
The association urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue granting import licences to qualified marketers to sustain healthy competition within the sector.
According to PETROAN, increased competition would discourage monopolistic practices, improve efficiency, and help stabilize product supply across the country.
The association also appealed to the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to facilitate discussions with two Chinese firms reportedly interested in managing the Port Harcourt and Warri refineries.
PETROAN said the successful rehabilitation and operation of the refineries under capable private-sector management could significantly boost domestic refining capacity, improve supply stability, and contribute to lower fuel prices.
The association maintained that if crude oil prices continue to moderate alongside stable exchange rates and manageable refining costs, Nigerians should begin to experience relief through reduced petrol prices and lower transportation and business expenses.
PETROAN added that ensuring a competitive downstream market remains one of the most effective ways to protect consumers and support economic growth across the country.
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