PETROAN urges lower fuel prices as crude oil drops
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for immediate reductions in fuel prices following a decline in global crude oil prices. Billy Gillis-Harry, the association’s National President, said the drop should be reflected in both ex-depot and retail pump prices to benefit Nigerian consumers. PETROAN highlighted that increased competition and revived local refineries could further lower prices. The group also urged regulators to support a more competitive and transparent downstream sector.
TLDR
- PETROAN wants refiners, depot owners, and importers to cut fuel prices due to falling crude oil prices.
- Billy Gillis-Harry emphasized that lower crude costs should be passed on to consumers at the pump.
- The association noted Brent crude recently fell to about $77–$78 per barrel, with further declines possible.
- PETROAN called for more import licences and competition to ensure fair pricing and steady supply.
- The group urged the revival of Port Harcourt and Warri refineries, saying this would boost supply and reduce prices further.
