The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has urged refiners, depot owners and petroleum products importers to reduce petrol prices following a recent decline in global crude oil prices.
In a statement issued on Friday by its National Public Relations Officer, Joseph Obele, PETROAN quoted its National President, Billy Gillis-Harry, as saying Brent crude had fallen to between 77 and 78 dollars per barrel after the United States-Iran ceasefire agreement and expectations of improved oil exports through the Strait of Hormuz.
The association said lower crude prices should be reflected in ex-depot and retail pump prices to provide relief for households and businesses. It also expressed concern that some imported petroleum products are arriving in Nigeria at lower costs than products supplied by domestic refiners.
PETROAN called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to continue issuing import licences to qualified marketers to boost competition. It also urged NNPC Limited Group Chief Executive Officer, Bayo Ojulari, to facilitate discussions with two Chinese firms interested in operating the Port Harcourt and Warri refineries, saying increased refining capacity could further reduce fuel prices and improve supply.
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