The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and petroleum products importers to reduce fuel prices following the recent decline in global crude oil prices, arguing that consumers should benefit from lower crude costs.
In a statement issued on Wednesday, PETROAN said the fall in crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass savings on to Nigerians through lower ex-depot and retail pump prices.
Billy Gillis-Harry, the national president of PETROAN, said, “The recent drop in global crude oil prices offers an opportunity for stakeholders in the downstream petroleum sector to pass the savings on lower crude costs to Nigerian consumers.”
He stressed that pricing across the petroleum value chain should reflect prevailing market conditions.
“Market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public,” Gillis-Harry stated.
