ABUJA, Nigeria (AP) — Nigeria’s petroleum retailers are urging refiners, depot owners and fuel importers to cut pump prices in line with falling global crude oil costs, saying consumers should benefit from the recent downturn in international markets.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) made the appeal Friday, noting that Brent crude has dropped to about S77–78 per barrel after a ceasefire agreement between the United States and Iran eased concerns over supply disruptions in the Strait of Hormuz.
“Recent developments in the global oil market indicate that crude oil prices are experiencing a downward trend,” said PETROAN National President Billy Gillis‑Harry. He added that fairness demanded that lower crude costs be reflected in both ex‑depot and retail pump prices.
Analysts say Brent crude could trade between S75 and S82 per barrel next week, while U.S. benchmark West Texas Intermediate is expected to range between S72 and S79. The decline has been driven by increased Middle East exports, weaker global demand and the implementation of the U.S.Iran peace agreement.
Still, risks remain. A breakdown in negotiations, fresh supply disruptions or unexpected production cuts by OPEC and its allies could reverse the downward trend.
Nigeria, Africa’s largest oil producer, has struggled with volatile fuel prices since ending its long‑standing subsidy program. Consumers have faced sharp increases at the pump, fueling inflation and public discontent. PETROAN’s call reflects growing pressure on industry stakeholders to pass savings on to households and businesses.
Globally, the debate underscores how geopolitical shifts from Middle East diplomacy to OPEC decisions ripple through energy markets and affect everyday costs. For Nigeria, where fuel prices directly influence food and transport expenses, the stakes are particularly high.
