The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, has explained why the pump price of petrol has not fallen below ₦1,000 per litre despite calls from Nigerians for further reductions.

According to him, fuel pricing in Nigeria remains largely tied to international market forces, making it difficult to fix a specific pump price based solely on local expectations. He noted that while many Nigerians believe a decline in global crude oil prices should automatically translate into cheaper petrol, the reality is more complex.

Gillis-Harry said the cost-reflective price of petrol is still determined by international market conditions, including fluctuations in crude oil prices and other global economic factors. He added that oil prices remain highly volatile, revealing that crude prices rose during a recent stakeholders’ meeting with the Federal Government on cost-reflective fuel pricing.

His remarks come as the recent reduction in Dangote Refinery’s gantry price prompted some depot owners and marketers to lower retail petrol prices to between ₦1,150 and ₦1,299 per litre in Abuja and surrounding areas. However, many Nigerians continue to demand further reductions in pump prices.