PETROAN Urges Fuel Price Cut as Global Oil Prices Fall, Seeks Relief for Nigerians
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners, and fuel importers to reduce petrol prices following the recent drop in global crude oil prices.
PETROAN said Brent crude has declined to around $77–$78 per barrel after easing tensions between the United States and Iran, creating an opportunity for lower ex-depot and pump prices across Nigeria.
The association expressed concern that some imported petroleum products are now landing in Nigeria at lower costs than locally refined products, stressing the need for stronger competition in the downstream sector. PETROAN also urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers to prevent monopolies and keep prices competitive.
PETROAN Urges Fuel Price Cut as Global Oil Prices Fall, Seeks Relief for Nigerians
In addition, the group called for the revival of the Port Harcourt and Warri refineries through private-sector partnerships, arguing that increased local refining capacity would boost supply, improve efficiency, and ultimately make fuel more affordable for Nigerians.
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