The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and fuel importers to reduce the prices of petroleum products in line with the recent decline in global crude oil prices.
PETROAN National President, , made the appeal in a statement issued on Friday in Abuja, stressing that Nigerian consumers should benefit from lower crude oil costs through reduced ex-depot and pump prices.
According to him, the downward trend in global oil prices presents an opportunity for stakeholders in the downstream petroleum sector to ease the burden on consumers and support economic relief efforts.
“Market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for Nigerians,” he said.
Gillis-Harry noted that Brent crude oil prices have dropped to around $77–$78 per barrel following the ceasefire agreement between the United States and Iran, as well as expectations that oil exports through the Strait of Hormuz will gradually return to normal levels.
He explained that market analysts expect Brent crude to trade between $75 and $82 per barrel next week, while West Texas Intermediate (WTI) crude could range between $72 and $79 per barrel.
According to him, factors driving the decline in oil prices include the continued implementation of the U.S.-Iran peace agreement, increased crude exports from the Middle East and concerns over weaker global oil demand.
However, he warned that geopolitical tensions, disruptions in oil supply, or unexpected production cuts by the and its allies could reverse the trend and trigger fresh increases in crude prices.
The PETROAN president also expressed concern that the landing cost of imported petroleum products appears lower than the prices offered by some domestic refiners, describing the development as an indication of the need for a more competitive downstream petroleum market.
He urged the to continue issuing import licences to qualified marketers to encourage competition and ensure steady product supply nationwide.
According to Gillis-Harry, increased competition among suppliers would help moderate prices, discourage monopolistic practices and guarantee consumers access to more affordable petroleum products.
He maintained that a competitive market remains one of the most effective ways to improve efficiency, lower costs and protect consumers, adding that all players in the sector should review their pricing structures to reflect current market realities.