The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for a reduction in petrol prices to reflect the recent drop in global crude oil costs.
Brent crude oil fell to about $78 per barrel. This followed a ceasefire agreement between the U.S. and Iran, which is expected to normalize oil exports through the Strait of Hormuz.
Analysts project Brent crude may trade in the $75–$82 per barrel range in the near future, while West Texas Intermediate (WTI) crude is expected to trade between $72 and $79 per barrel.
In a statement signed by its national public relations officer, Joseph Obele, PETROAN argued that with the drop in global crude oil prices, market realities should be reflected in local pump prices to provide economic relief to households and businesses.
The association therefore called on depot owners and petroleum importers to cut their prices to offer relief to consumers in the country.
“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,” PETROAN stated.
While highlighting other issues within Nigeria’s domestic market that could support lower prices, PETROAN pointed out that the landing cost of imported petroleum products appears to be lower than the prices offered by some domestic refiners.
This, it argued, means there is a need for more competition in the domestic market to ensure consumers benefit from the most affordable options.
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To address this and drive prices down, PETROAN urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers. The association expressed belief that greater competition in the downstream petroleum market will moderate prices and discourage monopolistic tendencies.
PETROAN also called on the Group Chief Executive Officer of Nigeria National Petroleum Company Limited (NNPCL), Engr. Bayo Ojulari, to facilitate talks with the two Chinese firms that have expressed interest in operating the Port Harcourt and Warri Refineries.
PETROAN national president, Prince Billy Gillis-Harry, stressed that reviving and operating the existing refineries as private-sector facilities could lead to lower petroleum product prices through enhanced efficiency and domestic refining capacity.
He noted that resuming operations at the Port Harcourt and Warri Refineries under competent private management will improve supply stability, encourage healthy competition, and ultimately result in cheaper petroleum products for Nigerians.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X