Stakeholders in Nigeria’s economy have implored refiners, depot owners, and fuel importers to reduce their prices.
They say international crude oil prices have dropped, so pump prices and ex-depot costs should also be reduced, reports Daily Independent.
The National President of The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, stated that the recent decline in global crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass the benefits of lower crude oil costs to Nigerian consumers.
He emphasised that market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public.
Recent developments in the global oil market indicate that crude oil prices are experiencing a downward trend.
Brent crude has fallen to approximately $77–$78 per barrel following the ceasefire agreement between the United States and Iran and expectations that oil exports through the Strait of Hormuz will gradually normalise.
Market analysts have noted that crude oil prices are currently under downward pressure, although geopolitical risks remain.
Current projections suggest that Brent crude may trade within the range of $75–$82 per barrel next week, while West Texas Intermediate (WTI) crude is expected to trade between $72–$79 per barrel.
He expressed concern that, in some instances, the landing cost of imported petroleum products appears to be lower than the prices offered by domestic refiners.
According to him, this development is surprising and underscores the need for a more competitive downstream petroleum market that guarantees consumers access to the most affordable products available.
