Petrol Prices Expected to Fall as Federal Government Reinstates Naira-for-Crude Policy, Dangote Refinery Set to Cut Loading Costs, and Stakeholders Urge Inclusion of All Local Refineries for Long-Term Fuel Price Stability
Nigerians may soon breathe a sigh of relief as the price of Premium Motor Spirit, popularly known as petrol, is expected to drop significantly following the Federal Government’s reinstatement of the Naira-for-Crude policy.
Oil marketers and key industry stakeholders confirmed that the resumption of this initiative which mandates the sale of crude oil and refined products in naira is aimed at reducing pump prices, stabilising the foreign exchange market, and boosting local refining.
A major boost is expected from the Dangote Refinery, with reports indicating a planned reduction in its petrol loading cost before the end of the week. This, experts say, could drive down retail prices nationwide.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed optimism, stating that the renewed policy will ease the financial burden on consumers. He noted that although exact figures are yet to be disclosed, the market is poised for a price drop.
The Federal Executive Council, after months of delay, approved the full implementation of the policy on Wednesday. A government statement emphasised that the move is not a temporary fix but a long-term strategy to ensure sustainable local refining and energy security.
Tuesday’s high-level meeting, chaired by Finance Minister Wale Edun, brought together top government officials, representatives of the Dangote Refinery, the NNPC, and various regulatory agencies. The Ministry of Finance reiterated that the policy would reduce dollar dependence and strengthen Nigeria’s economic sovereignty.
Industry stakeholders, including the Crude Oil Refinery-owners Association of Nigeria (CORAN) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), hailed the development but called for the inclusion of all local refineries — not just Dangote’s — in the naira-for-crude deal.
CORAN’s Eche Idoko described the policy as one of the administration’s strongest economic tools and urged full implementation to allow other operational refineries to benefit and expand domestic production capacity.
Billy Gillis-Harry, President of PETROAN, echoed the call for inclusivity, stressing that affordable fuel can only be achieved if all local refineries have access to crude in naira. He also urged the government to address widespread hunger and economic hardship across the country.
Meanwhile, Hammed Fashola, Vice President of IPMAN, blamed the recent fuel price hike on the temporary suspension of the naira-for-crude deal. With its reinstatement, he predicted a downward trend in pump prices.
As the Federal Government moves to stabilise the economy and enhance local energy production, all eyes are now on the Dangote Refinery’s next pricing decision — a move many believe could signal the start of cheaper fuel for Nigerians.
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