The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners and petroleum products importers to immediately adjust their prices downward in line with the recent decline in global crude oil prices.
PETROAN’s National President, Billy Gillis-Harry, said the realities of the international oil market should be reflected in local petroleum pricing.
The association said the drop in international crude prices presents a clear opportunity for operators in the downstream petroleum sector to reduce both ex-depot and retail pump prices.
He also called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers.
The PETROAN president explained that increased competition among suppliers would help moderate prices, discourage monopolistic tendencies, and ensure a steady supply of petroleum products across the country.
