The initiative, which allows local refineries to purchase crude in naira, was reaffirmed by the Federal Executive Council on Wednesday as a long-term measure to boost domestic refining and reduce forex pressure.
Oil marketers and industry groups have said Nigerians could soon see a reduction in fuel prices following the Federal Government’s reinstatement of the naira-for-crude policy.
The initiative, which allows local refineries to purchase crude in naira, was reaffirmed by the Federal Executive Council on Wednesday as a long-term measure to boost domestic refining and reduce forex pressure.
The Independent Petroleum Marketers Association of Nigeria’s Chinedu Ukadike said the move reflects the President’s responsiveness, while IPMAN Vice President Hammed Fashola added, “Now that the naira policy has been restored, we expect a reverse in the price.”
Dangote Refinery is expected to reduce its petrol loading costs before the week’s end, further easing prices.
Billy Gillis-Harry of PETROAN urged full inclusion of all refineries, saying, “The policy is for every refinery… so all can sell to us at an affordable price.”
Industry leaders welcomed the development as a strategic step toward energy security and economic stability.