LEGIT
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has projected that petrol prices could drop to as low as N350 per litre if the government addresses three critical issues.
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has projected that petrol prices could drop to as low as N350 per litre if the government addresses three critical issues. According to CORAN, the recent decline in crude oil prices should translate to lower petrol costs, contradicting the current price of over N900 per litre at filling stations.
Eche Idoko, Publicity Secretary of CORAN, emphasized that the naira-for-crude initiative is vital for price reduction, stating, “When we shifted to local refining, we saw petrol prices drop to around N700 per litre.”
Idoko pointed out that middlemen’s influence disrupts local refining efforts, asserting, “Prices will keep rising because certain middlemen are determined to undermine local refining efforts.” He identified foreign exchange, logistics, and the impact of middlemen as the main factors keeping prices high, warning that without reform, petrol costs will continue to soar.