The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners, and petroleum products importers to adjust their ex-depot and retail pump prices in line with the recent decline in international crude oil prices.
The appeal was contained in a statement issued by PETROAN’s National Public Relations Officer, Dr. Joseph Obele, who conveyed the position of the association on the current trends in the global oil market.
According to PETROAN National President, Billy Gillis-Harry, the downward movement in crude oil prices presents an opportunity for stakeholders in Nigeria’s downstream petroleum sector to pass on the benefits of lower production costs to consumers.
He noted that prevailing market realities should be reflected in petroleum product pricing to provide much-needed economic relief for households, businesses, and other consumers struggling with rising costs.
Gillis-Harry explained that recent developments in the international oil market indicate a moderation in crude oil prices, which should ordinarily result in lower prices for refined petroleum products in Nigeria.
He stated that Brent crude oil prices have declined to approximately $77–$78 per barrel following the ceasefire agreement between the United States and Iran, as well as growing expectations that oil exports through the Strait of Hormuz will gradually return to normal levels.
According to the association, market analysts have observed that crude oil prices are currently under downward pressure despite lingering geopolitical risks. PETROAN noted that while factors such as renewed tensions in the Middle East, fresh supply disruptions, or unexpected production cuts by OPEC and its allies could trigger another round of price increases, the current market outlook remains relatively stable and bearish.
The association identified the continued implementation of the U.S.-Iran peace agreement, increased crude oil exports from the Middle East, and concerns over weaker global oil demand as major factors contributing to the decline in crude oil prices.
PETROAN also expressed concern that in some instances, the landing cost of imported petroleum products appears to be lower than the prices currently offered by domestic refiners. According to Gillis-Harry, this development underscores the need for a more competitive downstream petroleum market where consumers can access products at the most affordable rates available.
The association called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers, arguing that increased competition among suppliers would help moderate prices, discourage monopolistic tendencies, and guarantee a steady supply of petroleum products across the country.
PETROAN further urged the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to facilitate discussions with Chinese firms interested in operating the Port Harcourt and Warri refineries. The association believes that successful rehabilitation and operation of the refineries under efficient private-sector-driven management could significantly improve supply stability and contribute to lower fuel prices.
Gillis-Harry maintained that competition remains one of the most effective tools for improving efficiency, reducing operational costs, and protecting consumers from excessive pricing. He added that sustained moderation in crude oil prices, coupled with stable exchange rates and refining costs, should ultimately support a reduction in petrol prices across Nigeria.
As Nigerians continue to grapple with the high cost of living, PETROAN’s call reflects growing expectations that the benefits of declining global crude oil prices should be felt at the fuel pumps through more affordable petroleum products.
