Abuja – Nigerians might see lower fuel costs as the government confirmed its commitment to the naira-for-crude deal fuel price initiative. This policy allows Dangote Refinery and other local refiners to pay for domestic crude oil using Naira, bypassing the need for US dollars. Officials stated the move supports local production and aims to ease foreign exchange pressures impacting fuel costs.
Government Commits to Local Refining Support
The Naira-for-Crude Implementation Committee, led by Finance Minister Wale Edun, officially stated the deal continues. The committee emphasized the policy will remain “for as long as it aligns with the public interest and supports national economic objectives.” Industry leaders welcomed the news. Billy Gillis-Harry, President of the Petroleum Retailers Outlets Owners Association (PETROAN), noted the deal’s importance for Nigeria’s economic health. Continuing the naira-for-crude deal fuel price strategy is seen as a stabilizing factor.
Eyes on Dangote for New Fuel Prices
Attention now shifts to Dangote Refinery, with expectations of a new price structure reflecting the Naira deal. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), anticipates an announcement soon. “I think from now till the end of the week, the Dangote refinery will come up with a new price,” Ukadike suggested. This expectation coincides with a recent dip in global crude oil prices. Stakeholders are hopeful that the sustained Naira-for-crude policy and updated pricing from Dangote Refinery could lead to more predictable and potentially lower fuel prices for consumers.
