- Oil marketers predict a significant drop in petrol prices following the government’s reinstatement of the naira-for-crude policy.
- Stakeholders urge full implementation and inclusion of all local refineries to stabilise fuel supply and reduce dollar dependence.
Oil marketers have assured Nigerians that petrol prices will drop significantly in the coming days as the Federal Government resumes its crude-for-naira sales policy. They confirmed that the government’s decision to implement the policy fully will ease pressure on the US dollar and stabilise fuel prices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, announced that Dangote Refinery will reduce its petrol loading price before the end of the week. He noted that the resumption of naira-based crude transactions will reflect positively on retail pump prices, though he could not yet project the exact reduction.
Ukadike praised President Bola Tinubu for listening to stakeholders and taking decisive steps to stabilise the energy sector. “This new decision shows that the government is serious about easing the burden on Nigerians. We expect prices to drop soon,” he said.
The Federal Executive Council reaffirmed the initiative on Wednesday, April 9, describing it as a long-term policy aimed at boosting local refining, reducing dollar dependence, and enhancing energy security. The Ministry of Finance released the update via its official X handle following a meeting with key industry players, including representatives from Dangote Refinery, NNPC, FIRS, and the Central Bank of Nigeria.
The National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria (CORAN), Eche Idoko, also backed the move. He urged the government to extend the benefits of the naira-for-crude policy to all functioning local refineries to maximise its economic impact.
“We expect full inclusion of all refineries. That’s how we can truly benefit from local production and reduce our reliance on imports,” Idoko said.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) supported the call. PETROAN President Billy Gillis-Harry applauded the Federal Government and urged it to ensure thorough implementation. He stressed that the initiative must reach all refineries, including NNPC facilities, Azikel, Edo, Niger Delta, and Walter Smith, to make fuel affordable.
IPMAN Vice President Hammed Fashola blamed the earlier suspension of the naira-for-crude deal for the recent surge in fuel prices. He predicted a reversal now that the policy is back in place.
“Once Dangote and others resume loading at lower prices, Nigerians will feel the impact at filling stations,” Fashola said.
Industry stakeholders have urged patience as the policy takes effect, expressing confidence that Nigerians will soon enjoy the benefits of a more stable and locally driven fuel pricing system.