Oil marketers have urged refiners, depot owners and petroleum products importers to reflect the recent decline in international crude oil prices in their ex-depot and retail pump prices of petroleum products.
- +Petrol prices: Oil marketers urge refiners to reflect crude oil decline
This was disclosed in a statement issued by the National PRO of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr Joseph Obele.
This was disclosed in a statement issued by the National PRO of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr Joseph Obele.
The National President of PETROAN, Billy Gillis-Harry, said the decline in global crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass the benefits of lower crude costs to Nigerian consumers.
According to Gillis-Harry, the current market realities should be reflected in petroleum product pricing to provide economic relief for consumers and businesses.
The association also called for increased competition in the downstream sector to encourage price reductions and improve supply stability.
PETROAN stated that recent developments in the global oil market indicate that crude oil prices are experiencing a downward trend. The association said the moderation in crude prices should translate into lower petroleum product prices in Nigeria.
The association identified continued implementation of the U.S.-Iran peace agreement, increased crude oil exports from the Middle East and concerns over weaker global oil demand as factors contributing to the decline in crude oil prices.
PETROAN President, Billy Gillis-Harry, expressed concern that in some instances, the landing cost of imported petroleum products appears to be lower than the prices offered by domestic refiners.
PETROAN urged the Group Chief Executive Officer of NNPC Limited, Engr. Bayo Ojulari, to facilitate discussions with Chinese firms interested in operating the Port Harcourt and Warri Refineries.
The association said successful revival of the refineries under private-sector-driven management could improve supply stability and reduce petroleum product prices.
Gillis-Harry said competition remains one of the most effective mechanisms for improving efficiency, reducing costs and protecting consumers. He added that sustained moderation in crude oil prices, alongside stable exchange rates and refining costs, should support lower petrol prices.
The global oil market recently reacted to developments involving the United States and Iran, with crude prices declining following expectations of improved energy supply and reduced geopolitical risks.
PETROAN said lower crude prices, stable exchange rates and efficient refining operations should help provide relief to Nigerian consumers and businesses.
PETROAN reiterated its commitment to advocating for a transparent, competitive and consumer-friendly downstream petroleum sector that supports fair pricing, energy security and sustainable economic growth.
