CORAN argued that there is no reason petrol should not be sold at NN350 per litre if crude prices eventually fall to $50 per barrel.
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has stated that the recent plunge in global crude oil prices could push petrol prices below N400 per litre if crude falls to $50 per barrel. However, CORAN warned that without the Federal Government’s naira-for-crude swap arrangement, pump prices may continue rising despite the drop in crude costs.
The association emphasised that refining locally could further stabilise prices, but current forex and policy challenges remain hurdles.
Meanwhile, global oil markets have been rattled by a 10 per barrel crash, with Brent crude dipping to$10 perbarrel crash,with Brent crude dipping to $65—a first since 2021.
Analysts attribute the slump to U.S. tariffs, OPEC+’s unexpected supply hike, and China’s retaliatory trade measures. “The combined effect of Trump’s tariffs and OPEC+’s decision wiped $10 off oil prices,” noted oilprice.com. Experts fear escalating trade wars and recession risks could keep prices volatile, complicating Nigeria’s fuel pricing dynamics.