Energy experts have predicted that a drastic reduction in the current prices of petroleum products may not be possible in the next six months and beyond.

Their concern followed calls by Nigerians for a major price cut in petroleum as crude oil price falls.

Justifying their position, the experts argued that most of the fuel marketers would like to dispense the old stock to avoid losses.

Besides, they pointed out that the return of petroleum prices to pre-war levels, when people were buying petrol between N800 and N900 per litre, will depend on the outcome of peace deal between the United States and Iran authorities.

Wit the latest announcement of the closure of the Strait of Hormuz following renewed Israeli military operations in Lebanon, the energy experts said it is not certain that prices of petroleum products would normalise soon.

According to them, the latest move has introduced fresh uncertainty into the implementation of the recently signed U.S.-Iran peace framework, and raised new concerns about global energy supplies.

Many Nigerians have been calling for a drastic reduction in the pump prices of petroleum products following a drop in global crude prices.

As at Sunday in Lagos, a Nigerian Tribune survey shows that marketers made marginal adjustments in their pump prices, selling Premium Motor Spirit (PMS), commonly known as petrol, to motorists between N1,205 and N1,250, and Automotive Gas Oil (AGO/Diesel) between N1,500 and N1,700 per litre.

Some of the motorists that spoke on the issue wanted fuel prices to return to prewar levels.

On Sunday, Brent crude sold approximately $80.57 per barrel from $120 per barrel in March and April, 2026, following the ceasefire agreement between the United States and Iran and expectations that oil exports through the Strait of Hormuz will gradually normalise.

Speaking with the Nigerian Tribune, Mr Adeola Oni, a motorist, said the marginal downward review of petrol pump price to N1,250 per litre from N1,300 per litre a week ago did not correspond with the realities on ground, where crude prices fell to $80 per barrel from $120 per barrel in April.

He also complained about the high diesel price at N1,700 per litre.

Another motorist, Mr Yomi Adeoluwa, also noted that most commercial bus drivers have refused to adjust their fares downward despite the slight reduction in petrol prices.

At the weekend, the National President of PETROAN, Billy Gillis-Harry, stated that the recent decline in global crude oil prices has presented an opportunity for stakeholders in the downstream petroleum sector to pass the benefits of lower crude oil costs to Nigerian consumers.

He emphasised 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.

On his social media page, Petra Akiti Onyegbule said people have been calling out Dangote on “what has been perceived as a disproportionate reduction in the price of fuel, given the drop in crude oil prices.

“I understand the sentiment. For many Nigerians, the expectation is simple: if crude oil prices fall significantly, petrol prices should mirror that fall almost immediately,” he said.

However, he said the reality was a bit complicated, pointing out that crude oil is only one component of the price of petrol.

He explained that exchange rates, refining costs, transportation, storage, insurance, taxes, existing inventory and distribution costs played important roles.

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