PETROAN urges immediate fuel price cuts as global oil drops, but Nigerians still wait for relief at pumps

Global Brent crude fell to $77-78 per barrel after the US-Iran ceasefire, with projections of $75-82 next week. PETROAN demands Nigerian refiners, depot owners and importers immediately cut ex-depot and retail pump prices to pass savings to consumers and businesses facing economic pressures. Despite Dangote Refinery reducing PMS ex-depot price to ₦1,250/litre (from ₦1,275) and AGO to ₦1,700/litre (from ₦1,800) two weeks ago, retail prices remain unchanged nationwide. PETROAN President Billy Gillis-Harry explained the lag: price drops depend on current stock availability and production capacity, while increases happen immediately to cover restocking costs. He noted petroleum pricing involves mixing older and newer stock, with losses absorbed during transitions. Energy analyst Olabode Sowunmi added that Nigeria's fuel pricing is more affected by local logistics than global geopolitics, citing Dangote's naira-denominated crude allocations as insulation from international markets. To address structural bottlenecks, PETROAN urges NMDPRA to issue more import licences to qualified marketers, arguing increased competition would moderate prices and prevent monopolies. The aviation sector's earlier Jet A1 crisis (₦900 to ₦3,300/litre in April 2026) highlighted similar supply chain vulnerabilities now resolving with Middle East shipping normalisation. Will you see meaningful savings at your local pump soon, or adjust budgets expecting continued high transport and power generation costs?

SOURCE: https://www.channelstv.com/2026/06/19/nigerians-await-fuel-price-relief-amid-us-iran-hormuz-deal/