PETROAN Forecasts Lower Fuel Prices in 2026 Amid Improved Crude Supply and Local Refinery Operations

PETROAN, a Nigerian petroleum product retail outlet association, forecasts a possible decrease in fuel prices in 2026 by enhancing domestic refinery operations and ensuring steady crude oil supply. The association emphasizes the importance of addressing challenges such as irregular crude allocation, pipeline vandalism, and price fluctuations to create certainty in the downstream market.

PETROAN highlights the benefits of the Naira-for-Crude policy introduced in 2025, aiming to reduce dependency on fuel imports and stabilize pump prices. Additionally, the approval of 30 private refinery licenses is expected to significantly boost Nigeria's refining capacity and reduce reliance on fuel imports.