By Peter Omopo
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and petroleum products importers to reduce ex-depot and retail pump prices of petroleum products in line with the recent decline in global crude oil prices.
PETROAN National President, Billy Gillis-Harry, made the appeal in a statement issued on Thursday by the association’s National Public Relations Officer, Dr. Joseph Obele.
Gillis-Harry said the drop in international crude oil prices presents an opportunity for operators in the downstream petroleum sector to transfer the benefits of lower crude costs to Nigerian consumers through reduced fuel prices.
According to him, prevailing market realities should be reflected in both ex-depot and retail pump prices to ensure fairness and provide economic relief to Nigerians.
He noted that Brent crude oil prices have declined to about $77–$78 per barrel following the ceasefire agreement between the United States and Iran, as well as expectations of a gradual normalisation of oil exports through the Strait of Hormuz.
The PETROAN president added that market analysts project Brent crude to trade between $75 and $82 per barrel in the coming week, while West Texas Intermediate (WTI) crude is expected to remain within the $72 to $79 per barrel range.
He attributed the decline in global crude prices to the continued implementation of the U.S.-Iran peace agreement, increased crude exports from the Middle East and concerns over weaker global oil demand.
While acknowledging that fresh supply disruptions, a collapse in peace negotiations or unexpected production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies could trigger a reversal in prices, Gillis-Harry maintained that the current outlook for the global oil market remains relatively stable.
He also expressed concern that the landing cost of imported petroleum products appears, in some instances, to be lower than the prices offered by domestic refiners.
According to him, the development highlights the need for a more competitive downstream petroleum market capable of guaranteeing consumers access to the most affordable petroleum products available.
To promote competition and price moderation, Gillis-Harry urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers.
He explained that increased competition among suppliers would help moderate prices, discourage monopolistic tendencies and ensure a steady supply of petroleum products across the country.
The PETROAN president stressed that competition remains one of the most effective mechanisms for driving efficiency, reducing costs and protecting consumers.
He added that a competitive market environment would encourage industry players to review their prices downward in line with prevailing market conditions.
PETROAN also called on the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to facilitate discussions with two Chinese firms reportedly interested in operating the Port Harcourt and Warri refineries.
Gillis-Harry said the successful revival and operation of the refineries under private-sector management could further reduce petroleum product prices through improved efficiency and increased domestic refining capacity.
According to him, the resumption of operations at the Port Harcourt and Warri refineries under competent private management would enhance supply stability, promote healthy competition and ultimately make petroleum products more affordable for Nigerians.
He further noted that sustained moderation in crude oil prices, alongside stable exchange rates and refining costs, should support lower petrol prices and provide much-needed relief to consumers and businesses facing economic challenges.
PETROAN reiterated its commitment to advocating for a transparent, competitive and consumer-friendly downstream petroleum sector that promotes fair pricing, energy security and sustainable economic growth.
