Marketers Demand Petrol Pump Price Reduction Nationwide
- Petrol marketers have called for a nationwide petrol price reduction, citing the fall of Brent crude to about $77 per barrel
- The association argued that declining global oil prices should be reflected immediately at depots and filling stations
- It also noted that imported petrol is now cheaper than some locally refined products, raising fresh concerns
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for a nationwide reduction in petrol pump prices from the current rate of N1,300 per litre.
The association said the recent drop in Brent crude to about $77 per barrel has weakened the justification for current petrol prices across Nigeria, insisting that consumers should benefit from improved global market conditions.
PETROAN is urging marketers, refiners and importers to immediately reflect the decline in global crude oil prices and falling landing costs in domestic fuel pricing.
Source: Getty Images
Billy Gillis-Harry, National President of PETROAN, who made this call, said the downstream sector must respond quickly to changing market fundamentals, arguing that Nigerians should not continue paying prices that no longer align with global oil trends.
According to him, the combination of lower crude oil prices and reduced petrol landing costs has created room for another round of fuel price cuts across depots and filling stations nationwide.
He said:
“The downstream market must respond to market fundamentals. Consumers should not be made to pay prices that are no longer supported by current crude oil realities."
Crude oil price falls
Brent crude, which previously surged above $120 per barrel during geopolitical tensions around the Strait of Hormuz, has now eased to the $77–$78 range following easing tensions between the United States and Iran and expectations of improved global supply flows.
The price decline has raised fresh expectations of petrol price adjustments in Nigeria, especially as analysts project crude oil may remain within a relatively stable range of $75–$82 per barrel in the near term.
Source: Getty Images
PETROAN also pointed to improved global supply prospects, easing geopolitical risks and weaker demand outlook as factors reinforcing the case for lower fuel prices.
The association further noted that the landing cost of imported petrol now appears lower than prices offered by some domestic refiners, a development it said raises concerns about competitiveness in Nigeria’s deregulated downstream market.
It warned that if the trend continues, importers could gain stronger influence in shaping retail fuel prices nationwide, intensifying competition across the sector.
Depots announce new petrol prices
Earlier, Legit.ng reported that Private depots in Nigeria followed Dangote Petroleum Refinery in lowering petrol prices on Monday, June 1, 2026.
The price cuts by operators range between N1 and N22/litre, depending on the location and volume.
The latest move by depot owners has now fueled increased competition in the downstream oil industry for customers.
Analysts believe that this recent price adjustment signals increased competition between the Dangote Refinery and private depot operators in Nigeria's deregulated downstream oil sector.
Source: Legit.ng
