PETROAN urges stable crude supply to cut fuel prices
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Federal Government to ensure steady crude supply to domestic refineries. According to Billy Gillis-Harry and Joseph Obele, irregular crude allocation and price fluctuations have hurt retail operators and created market uncertainty. PETROAN believes that improving transparency and refining capacity could help stabilise pump prices. The association also welcomes the development of new private refineries to boost local production and reduce reliance on imports.
TLDR
- PETROAN urges the government to maintain stable crude supply and consistent pricing for domestic refineries.
- The naira-for-crude policy showed potential but faced implementation gaps last year.
- Intense competition between importers and local refiners in 2025 led to a price war, reducing profits and creating market uncertainty.
- Over 30 private refinery licences have been approved, with about 23 under construction, potentially adding over 850,000 barrels per day to refining capacity.
- PETROAN recommends supporting alternative energy sources and ongoing stakeholder engagement to achieve affordable and sustainable fuel prices in 2026.
