The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and petroleum products importers to immediately adjust their prices downward in line with the recent decline in global crude oil prices.

It said that the adjustment would enable Nigerian consumers to benefit from the easing market conditions.

The association said the drop in international crude prices presents a clear opportunity for operators in the downstream petroleum sector to reduce both ex-depot and retail pump prices, providing much-needed relief to households and businesses grappling with economic pressures.

PETROAN’s National President, Billy Gillis-Harry, said the realities of the international oil market should be reflected in local petroleum pricing.

“Brent crude has fallen to approximately $77 to $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 normalise,” it disclosed in a statement signed by PETROAN National Public Relations Officer, Joseph Obele.

“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 to $82 per barrel next week, while West Texas Intermediate (WTI) crude is expected to trade between $72 to $79 per barrel.

Concerns Over Local Refining Costs

The association expressed concern that imported petroleum products are, in some cases, landing in Nigeria at costs 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 therefore called on 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.

The PETROAN President 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 a bid 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.

Prince Billy Gillis-Harry 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,” it added. (Channels News)

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