PETROAN demands lower petrol prices as crude oil crashes
By Aboki Forex —
Nigerians are still paying high prices at the pump despite a sharp drop in global crude oil costs. Petroleum marketers have now called on refiners, depot owners and importers to slash petrol prices.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) urged operators across the downstream sector, including the Dangote Refinery and importers, to pass the savings to consumers.
PETROAN said the current market offers a chance to ease the burden on households and businesses struggling with high living costs.
In a statement, National President Billy Gillis-Harry said fuel pricing must reflect changes in the international oil market. He said the drop in crude prices gives stakeholders an opportunity to reduce costs for Nigerians.
He added that fairness demands both ex-depot and retail prices go down when market conditions change. Nigerians should not keep paying high prices for petrol when the cost of crude oil has fallen.
Brent crude has dropped to around $77 to $78 per barrel after tensions eased between the United States and Iran. Analysts expect Brent to trade between $75 and $82 per barrel in the coming week. West Texas Intermediate (WTI) is projected to hover between $72 and $79 per barrel.
Marketers linked the decline to improved geopolitical stability and increased crude exports from the Middle East.