The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says with the recent approval of the continuation of the Naira-for-Crude policy by the Federal Executive Council and the recent drop in global crude oil prices, will lead to more affordable fuel prices for Nigerian consumers.
The Association optimism was made known by the National Public Relations Officer, Joseph Obele when Speaking to newsmen in Abuja.
Obele who said PETROAN sincerely commend the Federal Executive Council for its decision to fully implement the Naira-for-Crude policy, stated that the strategic move will help to reduce the country’s dependence on foreign exchange, thereby enhancing local refining capacity, and ultimately stabilizing the downstream sector.
He explained that this change will not only ease pressure on the foreign exchange market but also encourage investment in the country’s refining infrastructure and improve Nigeria’s overall energy security.
According to him, “This is a policy that supports local production and shields our economy from the volatility of the global oil market. When our refineries buy crude in Naira and process it locally, the cost of production reduces significantly, and that benefit can and should be passed on to end users.”
The National Public Relations Officer however praised President Bola Tinubu and other key stakeholders including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Chief Executive of NMDPRA, Engineer Farouk Ahmed; and the CEO of NUPRC, Gbenga Komolafe for their leadership and commitment to reforms that prioritize the needs of Nigerian consumers.
The Naira-for-Crude policy involves the sale of crude oil to domestic refineries such as the Dangote Refinery and others in Naira instead of U.S. dollars.
Basirat Memudu
