The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged refiners, depot owners and petroleum product importers to reduce petrol prices following a recent decline in global crude oil prices.
PETROAN said the drop in international oil prices provides an opportunity for operators in Nigeria’s downstream petroleum sector to lower ex-depot and retail pump prices, easing pressure on households and businesses.
PETROAN National President, Billy Gillis-Harry, said local fuel pricing should reflect developments in the international oil market.
The association noted that Brent crude prices have fallen to between $77 and $78 per barrel following a ceasefire agreement between the United States and Iran, alongside expectations that oil exports through the Strait of Hormuz will gradually return to normal levels.
PETROAN cited market projections indicating that Brent crude could trade between $75 and $82 per barrel next week, while West Texas Intermediate crude is expected to remain within the $72 to $79 per barrel range.
Concerns Over Domestic Refining Costs
The association expressed concern that imported petroleum products are, in some cases, arriving in Nigeria at lower costs than products supplied by local refiners.
PETROAN described the development as surprising and said it highlights the need for a more competitive downstream market that ensures consumers have access to the most affordable fuel products.
The group also urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to continue issuing import licences to qualified marketers. According to the association, greater competition among suppliers would help reduce prices, discourage monopolistic practices and improve fuel availability nationwide.
Gillis-Harry said competition remains one of the most effective tools for improving efficiency, lowering costs and protecting consumers. He added that market participants should adjust prices downward to reflect prevailing economic conditions.
Call for Refinery Revival
PETROAN further appealed to the Group Chief Executive Officer of [NNPC Limited](https://www.nnpcgroup.com?utm_source=chatgpt.com), Bayo Ojulari, to engage with two Chinese firms that have shown interest in operating the Port Harcourt and Warri refineries.
The association said successful rehabilitation and private-sector management of the refineries could lead to lower fuel prices through increased efficiency and expanded domestic refining capacity.
PETROAN argued that restoring operations at the Port Harcourt and Warri facilities would strengthen supply stability, encourage healthy competition and make petroleum products more affordable for Nigerians.
The association added that sustained moderation in crude oil prices, alongside stable exchange rates and refining costs, should support lower petrol prices and provide much-needed relief for consumers and businesses across the country.
