Economy
PETROAN Demands Cut in Petrol Prices as Crude Falls Below $80
By Adedapo Adesanya
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for an immediate reduction in ex-depot and retail pump prices of petroleum products, as global oil prices dropped below $80 per barrel.
The association’s National President, Mr Billy Gillis-Harry, made the call in a statement signed by PETROAN’s National Public Relations Officer, Mr Joseph Obele.
According to Mr Gillis-Harry, the downward movement in international crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass on the benefits of lower crude costs to Nigerian consumers.
He stressed that prevailing market conditions should be reflected in both ex-depot and retail pump prices to ensure fairness and provide economic relief to Nigerians.
“The recent drop in global crude oil prices offers an opportunity for stakeholders in the downstream petroleum sector to pass the savings on lower crude costs to Nigerian consumers,” he said.
He added that “market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public.”
The PETROAN president noted that Brent crude oil prices have fallen to about $77–$78 per barrel following the ceasefire agreement between the United States and Iran and expectations of a gradual normalisation of oil exports through the Strait of Hormuz.
He said market analysts currently project Brent crude to trade between $75 and $82 per barrel next week, while West Texas Intermediate (WTI) crude is expected to remain within the $72 to $79 per barrel range.
Mr Gillis-Harry attributed the decline in crude oil prices to the continued implementation of the U.S.-Iran peace agreement, increased crude exports from the Middle East and concerns over weaker global oil demand.
While acknowledging that fresh supply disruptions, a breakdown in peace negotiations or unexpected production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies could trigger price increases, he maintained that the current outlook for the oil market remains relatively stable to bearish.
The PETROAN president also expressed concern that the landing cost of imported petroleum products appears, in some cases, to be lower than the prices offered by domestic refiners.
“According to him, this development is surprising and underscores the need for a more competitive downstream petroleum market that guarantees consumers access to the most affordable products available,” the statement said.
To address the situation, Mr Gillis-Harry urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to continue issuing import licences to qualified marketers.
He explained that “increased competition among suppliers would help moderate prices, discourage monopolistic tendencies, and ensure a steady supply of petroleum products across the country.”
The PETROAN president maintained that competition remains critical to achieving efficiency and consumer protection in the sector.
“Competition remains one of the most effective mechanisms for driving efficiency, reducing costs, and protecting consumers,” he said.
He added that a competitive market environment would encourage all market participants to review their prices downward in line with prevailing market realities.
PETROAN further called on the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, to facilitate discussions with two Chinese firms that have expressed interest in operating the Port Harcourt and Warri refineries.
Mr Gillis-Harry said the successful revival and operation of the facilities under private-sector management could further drive down petroleum product prices.
“If these refineries are successfully revived and operated as private-sector-driven facilities, petroleum product prices are expected to decline further due to improved efficiency and increased domestic refining capacity,” he said.
He noted that the resumption of operations at the Port Harcourt and Warri refineries under competent private management would enhance supply stability, promote healthy competition and ultimately make petroleum products more affordable for Nigerians.
The PETROAN president added that sustained moderation in crude oil prices, combined with stable exchange rates and refining costs, should support lower petrol prices and provide relief to consumers and businesses grappling with economic challenges.
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said the removal of petrol subsidy saved Nigeria N15.8 trillion between June 2023 and December 2025.
Mr Oyedele disclosed this on Wednesday at a press conference, where he provided a breakdown of the financial impact of the federal government’s economic reforms under President Bola Tinubu, the same day that the campaign for the 2027 presidential elections commenced.
He said the subsidy savings were reflected in the resources available to the federation, although they did not appear as a separate credit to the federation account under the description “subsidy savings”.
“Between June 2023 and December 2025, subsidy savings mobilised the sum of N15.8 trillion in resources for the federation.
“Many people will say, where is the subsidy savings? As a matter of fact, there wasn’t any alert to the Federation Account with the description ‘subsidy savings’,” Mr Oyedele said.
According to the minister, the federal government received N5.4 trillion of the N15.8 trillion, while N10.4 trillion was shared among state and local governments through the Federation Account.
Mr Oyedele said the government’s overall financial position during the period also reflected increased independent revenue and borrowing to fund its expenditure.
He said the federal government generated N3.1 trillion in incremental independent revenue, largely from remittances by government-owned entities and increased surpluses from government agencies.
The government also borrowed an additional N11.9 trillion between June 2023 and December 2025.
“People will say, you said you have exceeded your revenue, why are you still borrowing?” Mr Oyedele said, “The additional borrowing that the federal government took for that period of time, June 2023 to December 2025, amounted to N11.9 trillion.”
According to him, the combination of incremental independent revenue and additional borrowing brought the Federal Government’s incremental resources during the period to N20.4 trillion.
However, he said total incremental expenditure stood at N30.64 trillion.
Mr Oyedele said the figures demonstrated the fiscal implications of the reforms, which were introduced to address long-standing economic distortions and reduce pressure on government finances.
“The administration of President Bola Tinubu has embarked on major reforms to address age-long economic challenges,” he said.
He identified the removal of petrol subsidy and the unification of the foreign exchange market as key measures undertaken by the administration.
“The removal of fuel subsidy, which was quietly bankrupting the country, and the unification of an exchange rate system that had become a source of distortion and corruption rather than stability.
“Those decisions came at a cost, and we are not here to implement otherwise. What does reform cost?” Mr Oyedele questioned.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange weakened further by 1.75 per cent on Tuesday, August 18, triggered by losses recorded by the duo of Central Securities Clearing System (CSCS) Plc and Food Concepts Plc.
CSCS Plc, the Nigerian securities depository company, lost N8.48 to settle at N90.02 per share compared with the previous value of N98.50 per share, while Food Concepts Plc, the parent company of fast food franchise, Chicken Republic, dropped 15 Kobo to end at N2.35 per unit versus N2.50 per unit.
Consequently, the NASD Security Index (NSI) further declined by 77.26 points to 4,348.76 points from Monday’s 4,426.02 points, while the market capitalisation dipped by N46.37 billion to N2.610 trillion from N2.656 trillion.
During the session, the volume of securities bought and sold by investors slumped by 82.6 per cent to 113,728 units from the previous session’s 652,081 units, and the value of securities slid by 12.4 per cent to N9.4 million from the preceding day’s N10.7 million, while the number of deals increased by 47.6 per cent to 31 deals from 21 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 79.7 million units transacted for N5.8 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units worth N6.5 billion, and Resourcery Plc with 1.1 billion units exchanged for N415.7 million.
By Adedapo Adesanya
The value of the Nigerian Naira further appreciated against the US Dollar by N6.22 or 0.46 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, August 18, to N1,343.32/$1 from the previous rate of N1,349.54/$1.
This occurred amid steady growth in Nigeria’s external reserves, rising to $52.32 billion as of August 17, 2026, giving the Central Bank of Nigeria (CBN) enough arsenal to defend the local currency when the need arises in the FX market.
Also, the domestic currency improved its value against the Pound Sterling in the official market yesterday by N10.85 to close at N1,819.26/£1 compared with the previous day’s N1,830.11/£1, and gained N8.55 on the Euro to sell at N1,556.24/€1 versus Monday’s N1,564.79/€1.
In the same vein, the Naira appreciated against the Dollar in the black market during the trading session by N5 to quote at N1,390/$1, in contrast to the N1,395/$1 it was traded a day earlier, and strengthened at the GTBank forex desk by N7 to N1,357/$1 from N1,364/$1.
NAFEM interbank FX turnover declined as financial institutions’ activities moderated. Interbank FX turnover dropped by 16.6 per cent to $364.709 million from $437.529 million, with the number of deals down by 39.3 per cent to 108 deals from 178 deals.
As for the cryptocurrency market, Bitcoin (BTC) traded at $64,120.36, as most other major cryptocurrencies closed in the green amid a global selloff in chip stocks.
An Asian semiconductor gauge dropped more than 3 per cent, following a 5 per cent slide in the Philadelphia Semiconductor Index on Tuesday, its worst session since late July, while investors await US Federal Reserve minutes and are widely expecting no rate change in September.
Solana (SOL) gained 1.4 per cent to sell at $76.66, Cardano (ADA) added 0.9 per cent to trade at $0.1748, Ethereum (ETH) grew by 0.6 per cent to $1,905.54, Ripple (XRP) appreciated by 0.4 per cent to sell at $0.9986, TRON (TRX) improved by 0.3 per cent to $0.3327, and Dogecoin (DOGE) soared by 0.2 per cent to $0.0698.
However, Binance Coin (BNB) depreciated by 0.4 per cent to $600.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
