The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners, and petroleum products importers to immediately reduce their prices following the recent decline in global crude oil prices.
The association said the move would allow Nigerian consumers to benefit from easing conditions in the international oil market and provide relief to households and businesses struggling with economic challenges.
PETROAN noted that the drop in global crude oil prices presents an opportunity for operators in the downstream petroleum sector to lower both ex-depot and retail pump prices across the country.
Speaking on the development, PETROAN National President, Prince Billy Gillis-Harry, said local petroleum pricing should reflect current realities in the international market.
According to a statement signed by the association’s National Public Relations Officer, Joseph Obele, Brent crude oil has fallen to about $77 to $78 per barrel following the ceasefire agreement between the United States and Iran and expectations that oil exports through the Strait of Hormuz will gradually return to normal levels.
The statement added that market analysts believe crude oil prices remain under downward pressure despite existing geopolitical risks.
It explained that Brent crude is expected to trade between $75 and $82 per barrel next week, while West Texas Intermediate (WTI) crude is projected to remain within the range of $72 to $79 per barrel.
PETROAN also expressed concern that some imported petroleum products are landing in Nigeria at lower costs than products supplied by domestic refiners.
The association described the situation as surprising and said it highlights the need for a more competitive downstream petroleum market that guarantees consumers access to affordable products.
Gillis-Harry urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers.
He said increased competition among suppliers would help moderate prices, discourage monopolistic practices, and ensure a steady supply of petroleum products nationwide.
According to him, competition remains one of the most effective ways to improve efficiency, reduce costs, and protect consumers.
He stressed that a competitive market environment would encourage industry players to review and reduce their prices in line with prevailing market realities.
To further promote competition, PETROAN called on the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to facilitate discussions with two Chinese firms that have shown interest in operating the Port Harcourt and Warri refineries.
The association believes that reviving the refineries under private-sector management would boost efficiency, increase domestic refining capacity, and contribute to lower petroleum product prices.
Gillis-Harry said the successful rehabilitation and operation of the Port Harcourt and Warri refineries would improve supply stability, encourage healthy competition, and ultimately make petroleum products more affordable for Nigerians.
PETROAN maintained that sustained moderation in crude oil prices, combined with stable exchange rates and refining costs, would support lower petrol prices and provide much-needed relief to consumers and businesses across the country.
