PETROAN Calls for Nationwide Petrol Price Reduction
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for a nationwide reduction in petrol pump prices from the current rate of N1,300 per litre. The association said the recent drop in Brent crude to about $77 per barrel has weakened the justification for current petrol prices across Nigeria, insisting that consumers should benefit from improved global market conditions.
PETROAN is urging marketers, refiners and importers to immediately reflect the decline in global crude oil prices and falling landing costs in domestic fuel pricing. Billy Gillis-Harry, National President of PETROAN, who made the call, said the downstream sector must respond quickly to changing market fundamentals, arguing that Nigerians should not continue paying prices that no longer align with global oil trends.
Market Fundamentals Demand Adjustment
According to Gillis-Harry, the combination of lower crude oil prices and reduced petrol landing costs has created room for another round of fuel price cuts across depots and filling stations nationwide. He stated: “The downstream market must respond to market fundamentals. Consumers should not be made to pay prices that are no longer supported by current crude oil realities.”
Brent crude, which previously surged above $120 per barrel during geopolitical tensions around the Strait of Hormuz, has now eased to the $77–$78 range following easing tensions between the United States and Iran and expectations of improved global supply flows. The price decline has raised fresh expectations of petrol price adjustments in Nigeria, especially as analysts project crude oil may remain within a relatively stable range of $75–$82 per barrel in the near term.
Imported Petrol Cheaper Than Local Refinery Products
PETROAN also pointed to improved global supply prospects, easing geopolitical risks and weaker demand outlook as factors reinforcing the case for lower fuel prices. The association further noted that the landing cost of imported petrol now appears lower than prices offered by some domestic refiners, a development it said raises concerns about competitiveness in Nigeria’s deregulated downstream market. It warned that if the trend continues, importers could gain stronger influence in shaping retail fuel prices nationwide, intensifying competition across the sector.
Earlier, private depots in Nigeria followed Dangote Petroleum Refinery in lowering petrol prices on Monday, June 1, 2026. The price cuts by operators range between N1 and N22 per litre, depending on the location and volume. The latest move by depot owners has now fueled increased competition in the downstream oil industry for customers. Analysts believe that this recent price adjustment signals increased competition between the Dangote Refinery and private depot operators in Nigeria's deregulated downstream oil sector.
