The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) applauded the decision by the Federal Executive Council to maintain the Naira-for-Crude trade policy, noting that it may unlock new possibilities for Nigeria’s energy sector.
During a press briefing in Abuja, PETROAN’s National Public Relations Officer, Joseph Obele, stated that the policy would lower global crude oil prices and reduce the fuel cost for Nigerians. He also noted that the government’s recent policy mandating domestic refineries, including the Dangote Refinery, to buy crude oil in naira instead of dollars would ease forex pressures, motivate investment in refining infrastructure, and improve energy security.
Obele also noted that the possibility of the policy lowering production costs due to local processing could lower consumer prices. He pointed out the drop in demand from major economies as well as increased output from non-OPEC countries and attributed these to the global oil price decrease. He also mentioned the decelerating economy due to former U.S. President Donald Trump’s reciprocal tariff policies affecting oil markets.
Obele has emphasized Nigeria’s possibility of lessening external shocks through the Naira-for-Crude policy amidst global volatility.
He applauded the initiative of President Bola Tinubu, Petroleum Minister Senator Heineken Lokpobiri, Finance Minister Wale Edun, NMDPRA CEO Engr. Farouk Ahmed, and NUPRC’s Gbenga Komolafe on the modifications focused on the protection of the consumers.
As we all know, PETROAN has reaffirmed its policy commitment to the domestic refining of oil, which protects the foreign reserves and provides lasting relief to fuel consumers, expecting real cuts in prices and stability in fuel supply soon.
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