PETROAN Urges Fuel Price Reduction Amid Falling Global Crude Oil Prices

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and fuel importers to reduce the pump price of petrol following the recent decline in global crude oil prices.

PETROAN President, Billy Gillis-Harry, said the drop in international crude prices presents an opportunity for marketers and refiners to pass on the benefits to consumers through lower fuel prices.

According to him, Brent crude has declined to between 77 and 78 dollars per barrel following the ceasefire agreement between the United States and Iran, a development that has eased tensions in the global oil market.

Gillis-Harry argued that local fuel prices should reflect the reduction in crude oil prices to provide relief for Nigerians already grappling with high transportation and living costs.

The association also noted that some imported petroleum products are currently being sold at lower prices than locally refined products, raising concerns about competitiveness in the downstream sector.

PETROAN urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to sustain the issuance of import licences to encourage competition and ensure price stability.

The association further called for increased private sector participation in the operations of the Port Harcourt and Warri refineries, stating that greater competition within the sector would ultimately lead to more affordable fuel prices for consumers.