As the easing of tensions between the United States and Iran continues, the Petroleum Products Retail Outlets Owners Association of Nigeria has called on refiners, depot owners and petroleum products importers to reduce their ex-depot and retail pump prices in line with the recent decline in international crude oil prices.
The National President of PETROAN, Billy Gillis-Harry, said the drop in global crude oil prices provided an opportunity for operators in the downstream petroleum sector to pass on the benefits of lower crude costs to consumers.
In a statement signed by the National Public Relations Officer of PETROAN, Dr Joseph Obele, on Friday, Gillis-Harry said market realities should be reflected in both ex-depot and retail pump prices.
“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. 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 said.
According to the association, recent developments in the global oil market indicate that crude oil prices are on a downward trend, with Brent crude falling to about $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.
