Nigerians may soon experience a significant drop in petrol prices, following the Federal Government’s decision to resume crude and refined product sales in naira.
Oil marketers gave the hint saying the move which is designed to strengthen the local economy and ease the burden on consumers, is also expected to benefit from Dangote Refinery’s anticipated reduction in petrol loading costs, projected to take effect by the end of the week.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that the directive issued by the Federal Executive Council (FEC) would help stabilise the pump price of Premium Motor Spirit (PMS). However, he noted that a specific price projection was difficult at the moment, as the government is yet to reveal its selling rates under the scheme.
“The naira-for-crude initiative will eliminate the pressure of sourcing foreign exchange for fuel imports,” Ukadike said, adding that the development could mark a turning point for consumers grappling with high energy costs.
The FEC’s latest directive marks the full activation of the naira-for-crude policy which had been previously suspended.
However, industry experts say this step could reduce Nigeria’s dependence on dollar-denominated imports and eventually translate into better pump prices for motorists and households across the country.
