The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners, and petroleum product importers to reflect the recent drop in international crude oil prices in their ex-depot and retail pump prices.
In a statement, the National President of PETROAN, Billy Gillis-Harry, said the decline in global crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass on the benefits to Nigerian consumers.
He stressed that prevailing market realities should be mirrored in pricing to ensure fairness and provide economic relief to the public.
According to recent developments in the global oil market, crude oil prices are trending downward. Brent crude currently trades at approximately $77–$78 per barrel, following a ceasefire agreement between the United States and Iran, as well as expectations that oil exports through the Strait of Hormuz will gradually normalize.
Market analysts project that Brent crude could trade between $75 and $82 per barrel in the coming week, while West Texas Intermediate (WTI) crude is expected to range between $72 and $79 per barrel.
The decline in prices has been attributed to factors such as the continued implementation of the U.S.-Iran peace agreement, increased crude oil exports from the Middle East, and concerns over weakening global demand.
Despite these trends, Gillis-Harry expressed concern that, in some cases, the landing cost of imported petroleum products appears lower than the prices offered by domestic refiners. He described the situation as surprising and emphasized the need for a more competitive downstream petroleum market that guarantees consumers access to affordable products.
He called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to sustain the issuance of import licences to qualified marketers, noting that increased competition would help moderate prices, discourage monopolistic practices, and ensure steady product supply nationwide.
The PETROAN president maintained that competition remains a key driver of efficiency and cost reduction, adding that a competitive market environment would compel all stakeholders to adjust prices in line with current market realities.
He also urged the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to facilitate discussions with two Chinese firms interested in operating the Port Harcourt and Warri refineries. According to him, reviving the refineries under private-sector-driven management would enhance efficiency, boost domestic refining capacity, and ultimately reduce petroleum product prices.
Gillis-Harry added that improved operations at the Port Harcourt and Warri refineries would strengthen supply stability, promote healthy competition, and ensure more affordable fuel for Nigerians.
He noted that sustained moderation in crude oil prices, alongside stable exchange rates and refining costs, should support lower petrol prices and provide relief to consumers and businesses.
The PETROAN president reaffirmed the association’s commitment to advocating for a transparent, competitive, and consumer-friendly downstream petroleum sector that ensures fair pricing, energy security, and sustainable economic growth.
