Petrol marketers demand nationwide pump price reduction as Brent crude falls to $77
By Aboki Forex —
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for a nationwide reduction in petrol pump prices from the current N1,300 per litre.
The association said the recent drop in Brent crude to about $77 per barrel has weakened the justification for current petrol prices across Nigeria. It insisted that consumers should benefit from improved global market conditions.
PETROAN is urging marketers, refiners and importers to immediately reflect the decline in global crude oil prices and falling landing costs in domestic fuel pricing.
Billy Gillis-Harry, National President of PETROAN, made the call. He said the downstream sector must respond quickly to changing market fundamentals. Nigerians should not continue paying prices that no longer align with global oil trends, he argued.
According to him, the combination of lower crude oil prices and reduced petrol landing costs has created room for another round of fuel price cuts across depots and filling stations nationwide.
He said: “The downstream market must respond to market fundamentals. Consumers should not be made to pay prices that are no longer supported by current crude oil realities.”
Brent crude, which previously surged above $120 per barrel during geopolitical tensions around the Strait of Hormuz, has now eased to the $77 to $78 range. This follows easing tensions between the United States and Iran and expectations of improved global supply flows.
The price decline has raised fresh expectations of petrol price adjustments in Nigeria. Analysts project crude oil may remain within a relatively stable range of $75 to $82 per barrel in the near term.
PETROAN also pointed to improved global supply prospects, easing geopolitical risks and weaker demand outlook as factors reinforcing the case for lower fuel prices.