The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged domestic refiners and petroleum importers to immediately slash ex-depot and retail pump prices to reflect the recent significant drop in global crude oil prices.
PETROAN’s call is anchored on several key demands and market realities:
- Pass the Savings to Consumers: The National President of PETROAN, Dr. Billy Gillis-Harry, stressed that the drop in international crude costs (hovering between $61 and $63 per barrel at the time) presents a critical opportunity to offer economic relief to everyday Nigerians and local businesses.
- Imported Fuel is Cheaper: According to PETROAN’s statement via its National PRO, Joseph Obele, the landing cost of imported petroleum products is now more competitive and cheaper than the rates being offered by some domestic refiners.
- Demand for Price Stability: The association is advocating for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to enforce a six-month price stability regulation. They argue that sudden, volatile price drops have caused massive losses for retail outlet owners and threaten further investment in the sector.
- Encourage Market Competition: To prevent local monopolies and stabilize prices, PETROAN is now demanding that policymakers open up the market by encouraging multiple supply sources, including imports and modular refineries.
The association’s call comes amid an ongoing price adjustment and fuel price war between major local suppliers, including the Dangote Refinery and the Nigerian National Petroleum Company (NNPC) Limited.
Would you like to know more about the recent fuel price adjustments and where ex-depot petrol is currently retailing in Nigeria, or are you interested in how these global crude oil drops affect your local transportation and living costs? Let me know!
