The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said that the Naira-for-Crude policy will bring down the price of petrol in the country.
While addressing journalists in Abuja, PETROAN’s National Public Relations Officer, Joseph Obele revealed the association’s optimism concerning the policy.
He added that when combined with the recent drop in global crude oil prices, it will lead to more affordable fuel prices for Nigerian consumers.
“We want to sincerely commend the Federal Executive Council for its decision to fully implement the Naira-for-Crude policy.
“This is a strategic move aimed at reducing our dependence on foreign exchange, enhancing local refining capacity, and ultimately stabilizing the downstream sector,” Obele stated.
“This is a policy that supports local production and shields our economy from the volatility of the global oil market.
“When our refineries buy crude in Naira and process it locally, the cost of production reduces significantly, and that benefit can and should be passed on to end users,” he added.
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