By Monsurat Abisoye
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged refiners, depot owners and petroleum products importers to reduce ex-depot and retail pump prices following the recent decline in global crude oil prices.
PETROAN National President, Billy Gillis-Harry, said the easing of tensions between the United States and Iran, which has contributed to lower international crude prices, presents an opportunity for operators in Nigeria’s downstream petroleum sector to pass the benefits on to consumers.
In a statement signed by the association’s National Public Relations Officer, Dr Joseph Obele, Gillis-Harry said market realities should be reflected in fuel prices to provide economic relief for Nigerians.
According to PETROAN, Brent crude has fallen to about $77–$78 per barrel after the US-Iran ceasefire agreement and expectations of improved oil exports through the Strait of Hormuz. The association added that Brent is projected to trade between $75 and $82 per barrel next week, while West Texas Intermediate (WTI) is expected to range between $72 and $79 per barrel.
The association attributed the price decline to the continued implementation of the peace agreement, increased crude exports from the Middle East and weaker global oil demand.
Gillis-Harry also expressed concern that, in some cases, imported petroleum products now have lower landing costs than prices offered by domestic refiners, stressing the need for a more competitive downstream market to ensure consumers have access to more affordable fuel.
He 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 moderate prices, discourage monopolistic practices and guarantee steady fuel supply nationwide.
PETROAN also appealed to the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to facilitate discussions with two Chinese firms interested in operating the Port Harcourt and Warri refineries. The association said placing the facilities under competent private-sector management would improve efficiency, strengthen domestic refining capacity, stabilise supply and further reduce petrol prices.
The association maintained that continued moderation in global crude prices, alongside stable exchange rates and refining costs, should support lower fuel prices. It reaffirmed its commitment to promoting a transparent, competitive and consumer-friendly downstream petroleum sector that delivers fair pricing, energy security and sustainable economic growth.