The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked refiners, fuel importers and depot operators to adjust petroleum product prices in response to the recent decline in global crude oil benchmarks, arguing that lower international oil prices should translate into relief for consumers.
The association said the sustained retreat in crude prices has created conditions for a downward review of both wholesale and retail fuel prices, particularly as oil markets react to easing tensions in the Middle East and expectations of improved supply flows through the Strait of Hormuz.
Speaking on the development, PETROAN National President, Billy Gillis-Harry, said pricing across the downstream petroleum sector should increasingly reflect prevailing market fundamentals rather than remain disconnected from movements in crude oil markets.
Brent crude has recently traded within the $77-$78 per barrel range following the ceasefire framework reached between the United States and Iran, while analysts expect additional crude supplies from the Middle East to gradually return to the market as shipping activities normalize through the Strait of Hormuz.
According to PETROAN, the softer oil market outlook, combined with expectations of increased exports and concerns about slower global demand growth, has shifted market conditions in favour of lower petroleum product prices.
The association also expressed concern over reports indicating that, in some instances, imported petroleum products are arriving at costs below prices being offered by local refiners.
Gillis-Harry said the development underscores the importance of maintaining a competitive market structure that allows consumers to benefit from the most efficient sources of supply.
As part of that position, PETROAN urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to continue granting import licences to qualified marketers, maintaining that competition remains essential for price moderation, supply security and market efficiency.
The association argued that broader participation in the supply chain would help prevent market distortions while encouraging suppliers to align prices more closely with prevailing economic realities.
PETROAN also called on the leadership of Nigerian National Petroleum Company Limited (NNPCL) to engage prospective investors interested in operating the Port Harcourt and Warri refineries, noting that increased domestic refining capacity could strengthen competition and improve product availability.
According to the association, successful rehabilitation and commercial operation of the facilities under efficient management would contribute to a more resilient downstream sector and potentially lower fuel costs over time.
PETROAN maintained that a combination of lower crude prices, stable foreign exchange conditions and efficient refining operations could support further reductions in fuel prices and provide relief to businesses and households grappling with high energy costs.
The association said it would continue to advocate policies that promote transparency, competition and fair pricing within Nigeria's downstream petroleum industry.