Global oil prices are falling. Nigerian pump prices are not — and PETROAN has had enough.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has issued a direct call to refiners, depot owners, and importers: cut your prices now.
What PETROAN Is Saying
PETROAN's National President, Billy Gillis-Harry, pointed to Brent crude now trading at $77 to $78 per barrel — a drop driven by the US-Iran ceasefire and expectations that the Strait of Hormuz will reopen.
Analysts see further pressure ahead.
| Crude Benchmark | Current Price | Next Week Projection |
|---|---|---|
| Brent Crude | ~$77–$78/barrel | $75–$82/barrel |
| WTI Crude | — | $72–$79/barrel |
PETROAN's message is simple: if crude costs less globally, ex-depot and pump prices in Nigeria must come down.
The Uncomfortable Truth: Imports Are Now Cheaper Than Local Supply
PETROAN dropped a bombshell.
Imported petroleum products are, in some cases, landing in Nigeria cheaper than what local refiners are charging.
Billy Gillis-Harry called it "surprising." It exposes a pricing gap that should not exist in a functioning market.
Competition — not protectionism — must drive Nigeria's downstream sector.
PETROAN to NMDPRA: Keep Issuing Import Licences
The association called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to keep issuing import licences without restriction.
More suppliers. More competition. Lower prices.
PETROAN was clear: no single player should be able to hold Nigerian consumers to a price the market no longer justifies.
Reviving Port Harcourt and Warri: The Bigger Fix
PETROAN went further — calling on NNPC CEO Engr. Bayo Ojulari to fast-track talks with two Chinese firms interested in operating the Port Harcourt and Warri Refineries.
Both facilities have been largely idle for years. The cost to Nigerian consumers has been enormous.
Private-sector management, PETROAN argues, would deliver:
- Less operational waste
- More domestic refining volume
- Genuine competition with Dangote and importers
- Steadier supply for marketers nationwide
Billy Gillis-Harry put it plainly: reviving these refineries under competent private management would mean more supply, more competition, and cheaper fuel for Nigerians.
Why This Moment Matters
The Iran-US ceasefire opened a real window for global fuel price relief.
The question is whether that relief reaches Nigerian filling stations — or disappears somewhere up the supply chain.
PETROAN is demanding it reaches you.
For households managing tight budgets amid fuel pressure, our guide on frugal living tips for 2026 has practical steps. And if you need to grow income on the side, our side hustle guide for Nigeria is a solid starting point.
The Dangote Factor
No pricing conversation in Nigeria skips the Dangote Refinery.
The Lekki facility — world's largest single-train refinery — has already slashed diesel prices and become a major jet fuel exporter.
But PETROAN's data suggests that even with Dangote running, the market still needs import competition and additional domestic refining to keep prices genuinely honest.
Port Harcourt and Warri coming back online would change that equation significantly.
What Needs to Happen — and When
Now: Refiners, depot owners and importers adjust prices to match current crude market realities.
Soon: NMDPRA keeps import licences flowing to sustain competitive pressure.
Next: NNPC facilitates private-sector revival of Port Harcourt and Warri refineries.
PETROAN acknowledged that exchange rates and refining costs also play a role. But where the market has moved in consumers' favour, operators have a responsibility to follow.
Reporting by the WealthBlueprint NewsDesk. Sources include the PETROAN official statement, NMDPRA, and commodity data from S&P Global Commodity Insights. This article is for informational purposes only and does not constitute financial or investment advice.