The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot operators, and fuel importers to immediately reflect the recent decline in global crude oil prices in domestic petroleum pricing.
The association said Nigerians should begin to feel relief at the pump as international crude benchmarks continue to soften.
The National President of PETROAN, Billy Gillis-Harry, made the appeal in a statement issued on Friday in Abuja.
He noted that the drop in crude oil prices presents an opportunity for stakeholders in Nigeria’s downstream petroleum sector to reduce both ex-depot and retail fuel prices.
According to him, aligning local fuel prices with global market trends will promote fairness and ease economic pressure on consumers.
Gillis-Harry explained that recent global developments, including the ceasefire between the United States and Iran, have contributed to a downward shift in oil prices.
He stated that Brent crude currently trades around $77 to $78 per barrel, with expectations of further fluctuations depending on global supply conditions.
Market analysts also project that Brent crude may range between $75 and $82 per barrel, while West Texas Intermediate (WTI) could trade between $72 and $79 per barrel in the coming week.
According to PETROAN, several factors are responsible for the current decline in global crude prices.
These include improved Middle East oil exports, ongoing geopolitical stability efforts, and concerns over weakening global demand.
However, Gillis-Harry warned that renewed tensions, supply disruptions, or production cuts by OPEC and its allies could reverse the trend.
He described the current outlook as relatively stable but leaning toward a bearish market direction.
The PETROAN president also raised concerns that imported petroleum products in some cases appear cheaper than those refined locally.
He described the situation as unusual and called for stronger competition in Nigeria’s downstream sector to protect consumers.
Gillis-Harry urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers.
He explained that increased competition would help stabilize fuel supply, reduce monopolistic pricing tendencies, and ensure affordability for Nigerians.
According to him, a fully competitive market structure remains the most effective way to achieve price transparency and efficiency in the sector.
Gillis-Harry added that market players should adjust prices downward in line with global crude oil trends to reflect current economic realities.
