PETROAN Urges Fuel Price Cuts As Crude Oil Prices Ease After Hormuz Deal

The Petroleum Products Retail Outlets Owners Association of Nigeria has urged refiners, importers and depot owners to reduce local fuel prices in line with the recent decline in global crude oil prices.

Channels Television reported that PETROAN said the easing of international crude prices should be reflected in ex-depot and retail pump prices so that Nigerian consumers can benefit from the shift in market conditions.

The association’s National President, Billy Gillis-Harry, said Brent crude had fallen to around $77 to $78 per barrel after a ceasefire agreement involving the United States and Iran and expectations that oil exports through the Strait of Hormuz would normalise.

EnviroNews also reported PETROAN’s call for refiners, depot owners and fuel importers to reflect the lower crude-price environment in ex-depot and pump prices. The group said the drop in crude prices offered an opportunity for downstream operators to ease pressure on consumers.

This is not an official pump-price cut. It is an industry demand for price reductions, and any actual change would depend on refiners, depot owners, importers and market conditions.

Sources: Channels Television, EnviroNews