PETROAN urges refiners and importers to adjust prices downward as crude falls

PETROAN has called on refiners, depot owners and fuel importers to adjust ex‑depot and pump prices to mirror the recent decline in global crude oil prices.

The request came from PETROAN’s National President, Mr Billy Gillis‑Harry, who issued a statement on Friday in Abuja.

Gillis‑Harry noted that the fall in global crude prices presents an opportunity for downstream stakeholders to transfer the resulting savings to Nigerian consumers.

He stressed that market realities must be reflected in both ex‑depot and retail pump prices to ensure fairness and provide economic relief to the public.

“Recent developments in the global oil market indicate that crude oil prices are trending downward.”

“Brent crude has fallen to roughly $77–$78 per barrel after the ceasefire agreement between the U.S. and Iran and expectations that oil exports through the Strait of Hormuz will gradually normalize,” he said.

He added that market analysts observe downward pressure on crude prices, despite persistent geopolitical risks.

He explained that projections indicate Brent crude could trade between $