3ppleloaded 
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on refiners, depot owners, and importers to immediately adjust their prices downward in line with the recent decline in global crude oil prices.
The association expressed concern that imported products are landing in Nigeria at costs lower than domestic refinery prices. PETROAN President Billy Gillis-Harry said Brent crude has fallen to approximately $77-$78 per barrel following the US-Iran ceasefire.
He called on NMDPRA to continue issuing import licences to qualified marketers to promote competition and lower costs.
Key Points:
Nigerians could see cheaper petrol if operators pass on savings from lower crude prices.
Imported petroleum products are now cheaper than local refinery products, a market distortion.
PETROAN wants NNPC to engage Chinese firms to operate Port Harcourt and Warri refineries.
Increased competition among suppliers would moderate prices and discourage monopolies.
The call for private-sector refinery operations could lead to a more stable domestic supply.
Operators are under pressure to adjust prices. If they comply, Nigerians may soon feel relief at the pump.
Sources: Channels TV
