The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and petroleum products importers to reduce petrol prices in response to the recent decline in global crude oil prices.
The association said the adjustment would allow Nigerian consumers to benefit from easing conditions in the international oil market and provide relief to households and businesses facing economic challenges.
PETROAN President, Billy Gillis-Harry, said Brent crude oil prices have fallen to between 77 and 78 dollars per barrel following the ceasefire agreement between the United States and Iran and expectations of a gradual normalisation of oil exports through the Strait of Hormuz.
According to the association, market analysts project that Brent crude could trade between 75 and 82 dollars per barrel in the coming days, while West Texas Intermediate crude is expected to remain within the range of 72 to 79 dollars per barrel.
PETROAN expressed concern that imported petroleum products are, in some cases, arriving in Nigeria at lower costs than products supplied by local refiners.
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The association said the development highlights the need for a more competitive downstream petroleum sector capable of delivering affordable products to consumers.
It urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers, noting that increased competition would help moderate prices, discourage monopolistic practices and ensure steady product supply nationwide.
PETROAN also called for greater private sector participation in the rehabilitation and operation of the Port Harcourt and Warri refineries.
The association appealed to the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to facilitate discussions with two Chinese firms that have indicated interest in operating the facilities.
According to PETROAN, improved domestic refining capacity and increased competition would enhance supply stability and contribute to lower fuel prices for Nigerians.
The association maintained that sustained moderation in crude oil prices, combined with stable exchange rates and refining costs, should support further reductions in petrol prices across the country.
