The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and importers to reduce ex-depot and retail pump prices of petroleum products, citing the recent decline in global crude oil prices.
National President of PETROAN, Billy Gillis-Harry, made the call in a statement issued on Thursday in Abuja through the association’s National Public Relations Officer, Dr. Joseph Obele.
Gillis-Harry said the downward trend in international crude prices presents an opportunity for industry stakeholders to pass cost savings on to Nigerian consumers.
He said prevailing market conditions should be reflected in both ex-depot and retail pump prices to ensure fairness and provide economic relief to the public.
According to him, Brent crude oil has fallen to between $77 and $78 per barrel following a ceasefire agreement between the United States and Iran and expectations of improved oil flows through the Strait of Hormuz.
He added that market analysts expect Brent crude to trade between $75 and $82 per barrel in the coming week, while West Texas Intermediate (WTI) is projected to remain within the $72 to $79 range.
Gillis-Harry attributed the price decline to the implementation of the US-Iran peace deal, increased crude exports from the Middle East and concerns over weaker global demand.
He, however, noted that renewed supply disruptions or production cuts by the Organisation of Petroleum Exporting Countries and its allies could reverse the trend.
The PETROAN president also raised concern that imported petroleum products in some cases appear cheaper than those supplied by domestic refiners, describing it as an indication of market imbalance.
He urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers to promote competition and prevent monopolistic practices.
Gillis-Harry said increased competition would help reduce prices, improve efficiency and ensure steady supply of petroleum products nationwide.
He also called on the Nigerian National Petroleum Company Limited (NNPC Ltd.) to engage with two Chinese firms interested in operating the Port Harcourt and Warri refineries, saying private-sector participation could improve efficiency and lower prices.
He said the revival of the refineries under competent management would boost domestic refining capacity, enhance supply stability and make petroleum products more affordable.
PETROAN reaffirmed its commitment to promoting a competitive downstream petroleum sector that ensures fair pricing, energy security and economic stability for consumers and businesses.
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