PETROAN Advocates for Refineries to Lower Petrol Prices

Oil marketers in Nigeria, represented by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have proposed solutions to address the rising petrol prices, which have reached approximately N1,400 per litre in Lagos and Abuja, and N1,500 in parts of northern Nigeria. PETROAN's National Public Relations Officer, Joseph Obele, highlighted the revival of dormant government refineries as essential to increasing competition in the local refining sector and reducing reliance on single suppliers.

The association urged the government and the Nigerian National Petroleum Corporation (NNPC) to ensure that any rehabilitated refineries operate efficiently and sustainably. Additionally, marketers pointed out that access to affordable crude oil is crucial, as rising international oil prices affect local production costs.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated that pump prices are determined by market forces, while plans for a consultative meeting with key downstream sector players are underway to discuss pricing strategies.