Nigerians may soon breathe a sigh of relief as oil marketers anticipate a significant drop in fuel prices due to the Federal Government’s continuation of crude and refined product sales in naira.
This development is expected to stabilize fuel prices, which recently surged after Dangote Refinery halted naira-denominated sales.
The Federal Executive Council has directed the full implementation of the suspended Naira-for-Crude agreement with local refiners, aiming to support sustainable local refining and bolster energy security.
The refinery is expected to lower its petrol loading costs by the end of the week, further contributing to the reduction in fuel prices.
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The policy seeks to enhance local refining capacity, reducing reliance on foreign exchange and stabilizing the foreign exchange market.
The Independent Petroleum Marketers Association of Nigeria welcomes the development, citing the President’s willingness to listen to stakeholders.
The Crude Oil Refinery Owners Association of Nigeria urges the government to ensure full implementation, particularly in including all local refineries.
The Petroleum Products Retail Outlet Owners Association of Nigeria shares similar views, requesting that all refineries benefit from the naira-crude deal.
The policy aims to guarantee the price stability of petroleum products, reducing the strain on the US dollar.
The initiative is expected to boost Nigeria’s economic growth, enhancing energy security and encouraging investment in domestic refining infrastructure.
