Petrol Price Crash Incoming! Marketers Say Relief Just Around The Corner

This development follows the Federal Government’s ongoing implementation of the naira-for-crude initiative, which aims to ease pressure on fuel prices. Marketers also highlighted that the anticipated reduction in petrol loading costs by Dangote Refinery by the end of the week would further contribute to lowering petrol prices across the country.

In an interview with Punch, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed confidence in the forthcoming price reduction. He emphasized that the Federal Executive Council’s decision to implement the naira-for-crude agreement would provide relief by stabilizing fuel prices and reducing reliance on foreign currency in the petroleum sector.

Eche Idoko, National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria (CORAN), also weighed in, urging for greater participation of local refiners in the naira-for-crude initiative. Idoko stressed that expanding local refiners’ involvement could reduce Nigeria’s dependence on imported refined products, further strengthening the economy and improving price stability.

Ukadike further assured that the government’s policy would lead to a reduction in prices, and with the recent decline in crude oil prices, Dangote Refinery was expected to announce a new, lower price before the end of the week.

Both Ukadike and Idoko praised the government’s policy as a step toward stabilizing the local economy, but CORAN called for the inclusion of all local refineries in the initiative to maximize its benefits and ensure greater self-sufficiency in fuel production.