Nigeria TV Info PETROAN Urges Depot Owners, Marketers to Cut Petrol Prices as Global Oil Prices Fall

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on depot owners, fuel marketers, and other stakeholders in the downstream petroleum sector to reduce the price of Premium Motor Spirit (PMS), popularly known as petrol, following the recent decline in global crude oil prices.

The association stated that the falling international oil prices and improved stability in the foreign exchange market should naturally translate into lower landing costs for imported petroleum products, ultimately benefiting Nigerian consumers.

According to PETROAN, maintaining high petrol prices despite a reduction in crude oil costs places unnecessary financial pressure on millions of Nigerians already struggling with rising living expenses. The group stressed that market forces should work in favour of consumers and reflect current realities in the international energy market.

The association further urged depot owners to avoid speculative pricing and hoarding, warning that such practices could distort the market and undermine the ongoing reforms in the petroleum sector. PETROAN maintained that transparent and competitive pricing would boost public confidence and stimulate economic activities across the country.

Industry analysts have also noted that crude oil price fluctuations significantly influence the cost of refined petroleum products, although exchange rates, transportation costs, taxes, and local supply logistics remain important factors in determining pump prices.

PETROAN reaffirmed its commitment to advocating policies that ensure affordable fuel prices while encouraging collaboration among regulators, marketers, and operators to guarantee steady product availability nationwide.