Billy Gillis-Harry, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), broke down the complex market forces keeping prices where they are.
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, has provided a comprehensive breakdown explaining why retail fuel prices have not yet dropped to ₦1,000 per litre in the country.
He disclosed this in an interview with DAILY POST on Monday, following a high-level meeting between downstream oil sector stakeholders and the federal government focused on cost-reflective fuel pricing.
According to him, fuel pricing remains heavily dependent on international market forces, as continuous fluctuations in global crude oil prices and other international variables make it difficult to lock in a specific pump price.
Speaking to DAILY POST, he clarified that the reality of cost-reflective pricing is still dictated by international benchmarks. He pointed out that while Nigerians expect domestic pump prices to drop whenever global crude falls such as to $72 per barrel the market simply does not work that way.
He emphasized that international oil prices remain highly volatile, noting that even during their meeting, crude prices experienced a sharp upward tick.
“Even today, as we were sitting there, we were monitoring the price volatility, and it had already increased to $73 per barrel,” he said.
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DAILY POST reports that a reduction in the gantry price of Dangote Refinery petrol and depot rates has brought retail pump prices down to between ₦1,150 and ₦1,299 per litre in Abuja and surrounding areas. However, both the federal government and the Nigerian public continue to demand further cuts to the price of fuel.
