The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed optimism that Nigerians will soon feel the positive impact of the recent drop in global crude oil prices. This follows the announcement by Dangote Refinery of a reduction in the price of Premium Motor Spirit (PMS), also known as petrol.
In a statement released on Thursday, PETROAN spokesperson Joseph Obele highlighted that the reduction in petrol prices would be beneficial to consumers. The statement comes just a day after the Nigerian government reaffirmed its commitment to the Naira-for-Crude sale agreement, a policy aimed at insulating the Nigerian economy from global market volatility.
On Thursday, Dangote Refinery reduced its ex-depot price of petrol by N13, lowering the price from N880 per litre to N867. The new price has been communicated to marketers, and it is expected to reflect at retail outlets soon.
PETROAN noted that while global crude oil prices continue to fluctuate, it remains hopeful that the Naira-for-Crude policy will help stabilize the country’s economy. The policy, according to PETROAN, is designed to reduce Nigeria’s reliance on foreign currency for oil transactions, thereby boosting local refining and promoting more affordable fuel prices.
The association emphasized that with the Federal Executive Council’s directive to fully implement the policy, it is confident that the benefits of falling global crude prices will soon be passed on to Nigerian consumers.
