PETROAN Pushes Fuel Price Reduction To Cushion Rising Economic Hardship In Nigeria

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) operators in the downstream petroleum sector has urged refiners and importers to cut petrol pump prices to reflect the current price of crude oil after Brent crude oil slipped to about $77–$78 per barrel, declaring that the decline had made the call imperative to bring relief to consumers who have had cause to carry the burden of rising transportation and living costs.

The national president of PETROAN, Billy Gillis-Harry, who made this call on Friday, called on refiners, depot owners, and petroleum products importers to reflect the recent decline in international crude oil prices in their ex-depot and retail pump prices of petroleum products.

Prince Gillis-Harry, stated that the recent drop in global crude oil prices offers the window for stakeholders in the downstream petroleum sector to pass the savings on lower crude costs to Nigerian consumers.

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.

Prince Gillis-Harry expressed concern that, in some instances, the landing cost of imported
petroleum products appear 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 explaining 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 consumer declaring 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 Gillis-Harry stated that if these refineries are successfully revived an 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.

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.