The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the to speed up negotiations with two Chinese firms selected to help manage and revive key government-owned refineries.

PETROAN said quick completion of the agreement could improve fuel availability and help reduce pressure on domestic fuel prices, especially as global crude oil prices continue to ease.

The group’s president, Billy Gillis-Harry, said recent movements in the international oil market show a downward trend in crude prices, which could create room for cheaper petroleum products if local refining capacity improves.

NNPC Ltd. had earlier signed a Memorandum of Understanding with and under a Technical Equity Partnership arrangement. The deal is aimed at supporting the completion and operation of the Port Harcourt and Warri refineries.

PETROAN believes that bringing in private-sector-driven management expertise would strengthen efficiency at the refineries and boost local production of petroleum products. According to the association, this could also improve supply stability and encourage healthier competition in the downstream sector.

The group added that combining stable exchange rates, lower crude prices, and improved refining output could ease fuel costs for consumers and businesses.

It also restated its support for reforms in the downstream oil sector that promote transparency, competition, and long-term energy security for Nigeria.