Fuel outlets and gas stations may see changes soon, according to industry specialist and PETROAN.

The decline in crude oil prices has yet to prompt a response from depots and retail outlets, according to Olajide Jeremiah, Chief Executive Officer of Petroleumprice.ng, who noted that these entities have not adjusted their prices downward.

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Jeremiah expressed surprise at the sudden change in crude oil price and the gantry price of Dangote Petroleum Refinery, stating that many depots and filling stations continue to sell at the old price.

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He anticipated that downward adjustments would be made before the weekend, and emphasized that the domestic market would remain responsive to global market developments.

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The market's instability is expected to persist until the resolution of the ongoing US-Iran conflict, the outcome of which is currently unpredictable, Jeremiah said.

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Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, acknowledged that petrol prices in Nigeria would fluctuate in response to developments, despite the initial lack of response from depot owners and oil marketers.

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Gillis-Harry commended Dangote Petroleum Refinery for its recent downward price adjustment, predicting that other operators would follow suit once they had sold off their existing stocks.

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According to Gillis-Harry, the refinery's decision was a step in the right direction, and he emphasized the importance of revamping Nigeria's refineries to facilitate domestic production and reduce the country's exposure to international market volatility.

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Gillis-Harry noted that local refining would be beneficial, given Nigeria's abundant crude oil resources, which are under the custody of the NNPC.