The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed strong support for the Federal Executive Council’s recent approval to continue the Naira-for-Crude policy, a move the association believes will be a turning point for Nigeria’s energy sector.
In a statement to the press in Abuja, PETROAN’s National Public Relations Officer, Joseph Obele, said the policy — combined with the recent global drop in crude oil prices — holds promise for lowering fuel prices for Nigerian consumers.
The Naira-for-Crude policy facilitates the sale of Nigeria’s crude oil to domestic refineries in Naira, rather than in U.S. dollars.
According to Obele, this policy will reduce the nation’s dependence on foreign exchange, boost local refining capabilities, and help stabilize the downstream sector.
He added that the policy would ease pressure on the foreign exchange market while encouraging further investments into the country’s refining infrastructure.
Obele also praised key figures such as President Bola Tinubu, Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, and Minister of Finance Wale Edun for their leadership and commitment to reforms that prioritize the welfare of Nigerian consumers.
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He emphasized that by processing crude locally, costs would be reduced, and such savings could ultimately benefit end users.
The recent drop in global crude oil prices, attributed to slower demand from major economies and increased output from non-OPEC producers, creates an opportunity for local price adjustments.
PETROAN believes that the combination of the Naira-for-Crude policy and favorable global market conditions could lead to more affordable fuel prices for Nigerians in the near future.
With this policy in place, Obele expressed optimism that Nigerian consumers would soon experience not only a more stable supply of fuel but also reductions in pump prices, shielding the country from the volatility of the global oil market.