The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged players in Nigeria’s downstream petroleum industry to reduce petrol prices in response to the recent decline in global crude oil prices.
The association said that the reduction in crude oil prices should be reflected in both wholesale and retail fuel prices to provide relief for Nigerians struggling with rising transportation expenses and the increasing cost of living.
Speaking on Friday, PETROAN National President, Billy Gillis-Harry, called on refiners, depot operators, and fuel importers to adjust their pricing structures to match current market realities. According to him, the recent drop in international crude oil prices presents an opportunity for industry stakeholders to pass cost savings on to consumers.
He explained that Brent crude oil, which serves as a global benchmark, has fallen to around $77 to $78 per barrel. This decline followed the ceasefire agreement between the United States and Iran, as well as expectations that oil exports through the Strait of Hormuz would gradually return to normal levels.
Gillis-Harry noted that lower crude oil prices should naturally lead to reduced fuel prices, benefiting businesses and households across the country. He stressed that fairness and transparency require marketers and refiners to reflect changes in crude oil costs in the prices charged to consumers.
According to market analysts, global oil prices are currently under pressure due to several factors. These include improved oil supply from the Middle East, ongoing implementation of the U.S.-Iran peace agreement, and concerns about weaker global demand for crude oil.
Current projections suggest that Brent crude may trade between $75 and $82 per barrel in the coming week, while West Texas Intermediate (WTI) crude is expected to remain within the range of $72 to $79 per barrel. Although geopolitical tensions and potential supply disruptions could still influence prices, analysts believe the market outlook remains relatively stable.
PETROAN also expressed concern that imported petroleum products are, in some cases, arriving at lower costs than products supplied by local refiners. Gillis-Harry described this situation as unexpected and said it highlights the need for stronger competition within the downstream petroleum market.
To promote competitive pricing, the association urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified fuel marketers. According to PETROAN, increased competition among suppliers will help prevent monopolistic practices, encourage efficiency, and ensure that consumers have access to affordable petroleum products.
The association maintained that competition remains one of the most effective tools for reducing costs and improving service delivery. It believes that a healthy market environment would push suppliers to adjust prices downward whenever global conditions allow.
PETROAN also called on the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to facilitate discussions with two Chinese companies that have shown interest in operating the Port Harcourt and Warri refineries.
Gillis-Harry stated that successful rehabilitation and private-sector management of the refineries could significantly increase local refining capacity, improve fuel supply, and further reduce petroleum product prices. He added that efficient refinery operations would strengthen energy security, create a more competitive market, and deliver long-term benefits to Nigerian consumers.
The association concluded by reaffirming its commitment to advocating for a transparent, competitive, and consumer-friendly petroleum sector that promotes fair pricing, stable energy supply, and sustainable economic growth in Nigeria.
