PETROAN Asks Oil Marketers to Cut Fuel Prices as Global Crude Slides

June 19 () — The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners, and petroleum products importers to reduce ex-depot and retail pump prices in line with the recent decline in global crude oil prices

In a statement signed by its National Public Relations Officer,  Joseph Obele, PETROAN National President, Billy Gillis-Harry, said the downward trend in international crude oil prices should be reflected across the downstream value chain, stressing that market realities demand fairness and responsiveness from industry operators.

“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. Market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public,” he said.

According to him, Brent crude oil has fallen to about $77–$78 per barrel following easing geopolitical tensions after a ceasefire agreement involving the United States and Iran, as well as expectations of improved crude flow through the Strait of Hormuz.

He noted that market analysts project Brent crude to trade between $75 and $82 per barrel in the coming week, while West Texas Intermediate (WTI) is expected to remain within the $72 to $79 per barrel range.

Gillis-Harry attributed the decline to the continued implementation of the U.S.–Iran peace framework, increased supply from Middle Eastern producers, and concerns over weakening global demand.

While acknowledging the possibility of price volatility arising from supply disruptions, breakdown in peace negotiations, or unexpected production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies, the PETROAN president said the current outlook remains largely stable to bearish.

Gillis-Harry also raised concern that, in some instances, the landing cost of imported petroleum products appears lower than prices offered by domestic refiners, describing the situation as an indication of pricing inefficiencies in the downstream sector. 

He stressed the need for a more competitive market structure that ensures consumers have access to the most affordable products available.

To deepen competition, Gillis-Harry urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers, arguing that increased participation would help stabilize prices and curb monopolistic tendencies.

“Competition remains one of the most effective mechanisms for driving efficiency, reducing costs, and protecting consumers,” he said.

Gillis-Harry maintained that a more open market environment would compel operators to adjust prices downward in line with global trends and domestic realities.

He also called on the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to facilitate engagement with two Chinese firms reportedly interested in operating the Port Harcourt and Warri refineries.

According to him, the revival of the refineries under private-sector participation would significantly boost local refining capacity and help drive down petroleum product prices.

“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 said

He added that operational refineries in Port Harcourt and Warri would enhance supply stability, promote competition, and make petroleum products more affordable for Nigerians.

The PETROAN president further noted that sustained moderation in crude oil prices, combined with stable exchange rates and improved refining efficiency, could provide much-needed relief to consumers and businesses grappling with high energy costs.

Reaffirming the association’s position, Gillis-Harry said PETROAN remains committed 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.”