As global energy markets react to seismic geopolitical shifts, Nigerian consumers and businesses are watching closely to see when the relief felt on the international stage will reflect at local fuel stations. 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.
According to the association, this adjustment would enable Nigerian consumers to benefit from the easing market conditions. PETROAN notes that 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, providing much-needed relief to households and businesses grappling with economic pressures.
Its National President, Billy Gillis-Harry, insisted that the realities of the international oil market should be reflected in local petroleum pricing. “Brent crude has fallen to approximately $77 to $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,” the association said in a statement signed by its National Public Relations Officer, Joseph Obele.
“Market analysts have noted that crude oil prices are currently under downward pressure, although geopolitical risks remain. Current projections suggest that Brent crude may trade within the range of $75 to $82 per barrel next week, while West Texas Intermediate (WTI) crude is expected to trade between $72 and $79 per barrel,” it added.
Despite the drop in global benchmarks and recent domestic interventions, local pump prices have remained sticky. Two weeks ago, the Dangote Petroleum Refinery & Petrochemicals announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO).
The company stated that the latest adjustment underscored its commitment to making refined petroleum products more affordable and supporting economic activities across the country. The ex-depot price of PMS was reduced to ₦1,250 per litre from ₦1,275 per litre, while the price of AGO was cut to ₦1,700 per litre from ₦1,800 per litre.
“The price review comes amid the refinery’s continued efforts to improve supply efficiency, deepen domestic refining, and provide cost relief to consumers and businesses that depend heavily on petroleum products for transportation, power generation and industrial operations,” it stated.
But appearing on Channels Television’s The Morning Brief, PETROAN President Billy Gillis-Harry explained why these reductions have not yet trickled down to retail outlets: