A former Imo State House of Assembly aspirant, Hon. Ononiwu Moses, has called on the Federal Government to ensure that the recent decline in global crude oil prices translates into lower petrol pump prices for Nigerians.
Speaking with journalists on Thursday, Ononiwu said the reduction in international crude oil prices should ordinarily result in a corresponding decrease in the retail price of petrol across the country.
He recalled that during the 2026 conflict between the United States and Iran, Brent crude oil rose from about $72 per barrel to nearly $120 per barrel, leading to an increase in fuel prices in many countries, including Nigeria.
According to him, global oil prices have since dropped significantly, with Brent crude trading at about $74.85 per barrel and West Texas Intermediate (WTI) crude at approximately $71.43 per barrel as of June 26, 2026.
Ononiwu, however, expressed concern that Nigerians were yet to benefit from the decline, noting that he purchased petrol at ₦1,290 per litre on Thursday morning, while many filling stations across the country continued to sell at similar prices.
He alleged that petroleum marketers were often quick to increase pump prices whenever crude oil prices rose in the international market but delayed reducing prices when global oil prices declined, leaving consumers to bear the burden.
The former assembly aspirant described the trend as unfair, insisting that if fuel prices could be adjusted upward immediately following increases in crude oil prices, they should also be reduced promptly whenever international prices fall.
He called on President Bola Tinubu, the leadership of the National Assembly, the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, and relevant government agencies to engage petroleum marketers and ensure that Nigerians benefit from the reduction in global crude oil prices.
Ononiwu also urged the government to strengthen monitoring and enforcement to prevent unfair pricing practices, saying policies that protect consumers would help reduce transportation costs, lower the prices of goods and services, and provide relief for Nigerians facing economic hardship.
He maintained that a fair reduction in petrol prices would restore public confidence and demonstrate that the welfare of Nigerians remains a priority.
