The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said Nigerians will soon start enjoying the effects of falling global crude oil prices.
This follows an announcement from Dangote Refinery, which resumes sales of petroleum products in Naira with ₦865 per litre.
Support for government policy
In a statement on Thursday, PETROAN spokesperson Joseph Obele backed the federal government’s naira-for-crude oil policy, saying it could help shield Nigeria’s economy from global oil market changes.
He explained that the policy is expected to reduce reliance on foreign exchange, boost local refining, and bring about more stable and affordable petrol prices.
Retail prices yet to drop
Despite the refinery’s price cut, checks by the media on Thursday night showed that petrol still sells at ₦950 per litre in Lagos and ₦975 in Abuja.
Looking ahead
PETROAN expressed optimism that with the Federal Executive Council’s full backing of the naira-for-crude agreement, the benefits of falling global oil prices will soon reach Nigerian consumers.