PETROAN Urges Fuel Price Cuts as Crude Prices Decline

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), led by President Gilli Harri, has demanded cuts in fuel prices as global crude oil prices have fallen. In a statement, PETROAN highlighted that the recent decline in international crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass on the benefits of lower crude costs to consumers.

The Brent crude price has dropped to approximately $77.78 per barrel, influenced by a ceasefire agreement between the United States and Iran, which is expected to normalize oil exports through the Strait of Hormuz. PETROAN expressed concerns about domestic market prices, noting that the cost of importing petroleum products is lower, which should lead to reduced prices for consumers.

The association called on the Nigerian midstream and downstream petroleum regulatory authority to issue import licenses to qualified market participants to increase competition and ensure a steady supply of petroleum products. Gilli Harri reiterated PETROAN's commitment to a competitive downstream sector that delivers fair prices and energy security for sustainable economic growth in Nigeria.