By Boluwatife Oshadiya | June 22, 2026
Key Points
- PETROAN has urged refiners, depot owners and importers to reduce petrol prices following a decline in global crude oil prices
- Brent crude has retreated to about $77–$78 per barrel amid easing tensions between the United States and Iran
- The association says increased competition and refinery reforms could further lower fuel prices for Nigerians
Main Story
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot operators and petroleum product importers to reduce ex-depot and retail fuel prices following the recent decline in international crude oil prices.
PETROAN National President, Billy Gillis-Harry, said the easing of geopolitical tensions between the United States and Iran has contributed to softer oil prices, creating an opportunity for downstream operators to pass cost savings on to consumers.
According to the association, Brent crude prices have fallen to around $77–$78 per barrel after fears of disruptions along the Strait of Hormuz eased. Market analysts expect Brent crude to trade between $75 and $82 per barrel in the coming week, while West Texas Intermediate (WTI) crude is projected to remain within the $72–$79 range.
The development comes as Nigeria continues to grapple with high transportation and energy costs despite recent gains in domestic refining capacity, particularly from the Dangote Petroleum Refinery.
PETROAN also expressed concern that imported petroleum products are in some cases landing in Nigeria at costs lower than products supplied by domestic refiners, a trend the association says highlights the need for stronger competition within the downstream sector.
The association urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers to ensure price competitiveness and supply stability across the country.
In addition, PETROAN called on NNPC Limited Group Chief Executive Officer, Bayo Ojulari, to facilitate discussions with Chinese investors interested in operating the Port Harcourt and Warri refineries, arguing that private-sector management could improve efficiency and lower fuel prices.
What’s Being Said
“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,” said Billy Gillis-Harry, National President, PETROAN.
“Increased competition among suppliers would help moderate prices, discourage monopolistic tendencies and ensure a steady supply of petroleum products across the country,” PETROAN said in a statement issued through its National Public Relations Officer, Dr. Joseph Obele.
Industry analysts have also argued that sustained moderation in crude oil prices, coupled with exchange-rate stability and improved domestic refining output, could create conditions for further reductions in retail petrol prices over the coming months.
What’s Next
- Downstream operators are expected to review pricing structures if crude oil prices remain below recent highs.
- NMDPRA is likely to continue evaluating import licence applications as part of efforts to encourage competition in the fuel market.
- Discussions surrounding private-sector participation in the Port Harcourt and Warri refineries could gain momentum in the second half of the year.
- Market participants will closely monitor developments in the Middle East and global oil demand trends, both of which remain key drivers of crude prices.
Bottom Line
The Bottom Line: Falling crude oil prices are testing whether Nigeria’s downstream petroleum market can truly operate under competitive market principles. If refiners and marketers fail to reflect lower input costs in pump prices, calls for deeper market reforms and increased competition are likely to intensify.
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