The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has asked refiners, depot owners, and fuel importers to reduce their prices.
They say international crude oil prices have dropped, so pump prices and ex-depot costs should also come down.
The National President of PETROAN, Billy Gillis-Harry, stated that the recent decline in global crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass the benefits of lower crude oil costs to Nigerian consumers.
He emphasized that market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public.
Recent developments in the global oil market indicate that crude oil prices are experiencing a downward trend.
Brent crude has fallen to approximately $77–$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 normalize.
Market analysts have noted that crude oil prices are currently under downward pressure, although geopolitical risks remain.
Current projections suggest that Brent crude may trade within the range of $75–$82 per barrel next week, while West Texas Intermediate (WTI) crude is expected to trade between $72–$79 per barrel.
Billy Gillis-Harry expressed concern that, in some instances, the landing cost of imported petroleum products appears to be lower than the prices offered by domestic refiners.
According to him, this development is surprising and underscores the need for a more competitive downstream petroleum market that guarantees consumers access to the most affordable products available.
He implored the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers. He explained that increased competition among suppliers would help moderate prices, discourage monopolistic tendencies, and ensure a steady supply of petroleum products across the country.
He maintained that competition remains one of the most effective mechanisms for driving efficiency, reducing costs, and protecting consumers. He noted that a competitive market environment would encourage all market participants to review their prices downward in line with prevailing market realities.
In order to further encourage competition that will benefit consumers, PETROAN also called on the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to facilitate talks with the two Chinese firms that have expressed interest in operating the Port Harcourt and Warri Refineries.
He stated that if these refineries are successfully revived and operated as private-sector-driven facilities, petroleum product prices are expected to decline further due to improved efficiency and increased domestic refining capacity.
He added that the resumption of operations at the Port Harcourt and Warri Refineries under competent private management would enhance supply stability, promote healthy competition, and ultimately lead to more affordable petroleum products for Nigerians.
For Nigeria, sustained moderation in crude oil prices, coupled with stable exchange rates and refining costs, should support lower petrol prices and provide relief to consumers and businesses facing economic challenges.
He reiterated PETROAN’s commitment to advocating for a transparent, competitive, and consumer-friendly downstream petroleum sector that delivers fair pricing, energy security, and sustainable economic growth for all Nigerians.