🇳🇬NigeriaWest Africa
PETROAN demands fuel price cuts as crude oil prices fall
via Punch Nigeria10 min read
The Petroleum Products Retail Outlets Owners Association of Nigeria PETROAN has urged refiners, depot owners, and petroleum product importers to reduce ex-depot and retail pump prices. This call comes in response to the recent decline in international crude oil prices, particularly Brent crude falling to $77–$78 per barrel following a ceasefire agreement between the United States and Iran. PETROAN National President, Billy Gillis-Harry, stated that lower crude costs should benefit Nigerian consumers, emphasizing that market realities should be reflected in pricing for fairness and economic relief. The association noted that crude oil prices are on a downward trend due to the US-Iran peace agreement, increased crude oil exports from the Middle East, and concerns about weaker global oil demand. Gillis-Harry also expressed concern that the landing cost of imported petroleum products sometimes appears lower than prices from domestic refiners, advocating for a more competitive downstream market. He called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to issue more import licenses to foster competition, which he believes will moderate prices and ensure supply. PETROAN also urged the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to facilitate discussions with two Chinese firms interested in operating the Port Harcourt and Warri refineries, anticipating further price reductions if these facilities are revived under private management.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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