By Teddy Nwanunobi
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners, and petroleum products importers to adjust their prices downward in line with the recent decline in global crude oil prices.
The National President of PETROAN, Billy Gillis-Harry, stated that the recent drop in global crude oil prices offers an opportunity for stakeholders in the downstream petroleum sector to pass the savings on lower crude costs to Nigerian consumers.
This plea was contained in a press statement issued by the National Public Relations Officer of PETOAN Dr. Joseph Obele, urging stakeholders in refineries, depot owners Importers to address this call for the betterment of Nigerians.
He emphasised 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 normalise.
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.
Factors contributing to the decline in crude oil prices include: continued implementation of the U.S.-Iran peace agreement, increased crude oil exports from the Middle East, and concerns over weaker global oil demand.
While factors such as a breakdown in peace negotiations, fresh supply disruptions, or unexpected production cuts by OPEC and its allies could trigger upward price movements, the prevailing market outlook remains relatively stable to bearish.
Prince 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 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.
Billy Gillis-Harry 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.