JUST IN: Fuel Price Drop Imminent As FG Renews Naira-For-Crude Deal
The price of premium motor spirit, popularly known as fuel, may drop in the coming days as the Nigerian government on Wednesday vowed to continue the implementation of the naira-for-crude sale deal with Dangote Refinery and other local refineries.
The Genius Media Nigeria that reports on Wednesday that the federal government, through its Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative, made it clear in an update that the initiative continues indefinitely to sustain local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” the Naira-for-crude Implementation Committee, chaired by the Minister of Finance, Wale Edun, said in a statement released on Wednesday by the Federal Ministry of Finance X account.
The decision douses the existing anxiety in Nigeria’s oil and gas sector regarding petroleum products pricing.
Reacting to the development on Wednesday, the National President of Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, and the Spokesperson for Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, lauded the continuation of the naira-for-crude sales deal.
On his part, Gillis-Harry said the deal is a significant component of how Nigeria’s economic growth will fare.
“First congratulate the President and Committee for looking into what should make Nigeria better.
“As far as we are concerned, the naira-for-crude is a critical component of how Nigeria’s economic growth will fare.
“So, PETROAN is very happy about it. We hope it will be well implemented effectively,” he told TGM.
On his part, Ukadike said with the development, Dangote Refinery would come with a new price template reflective of the naira-for-crude deal and reality in the international oil market.
“IPMAN has always mentioned that the deal was definitely going to be implemented.
“I think from now till the end of the week, the Dangote refinery will come up with a new price. They can’t complain of having old stock because that is not the best practice internationally”, he stated.
Ukadike’s comment comes at the time crude oil prices in the international market crashed to a four-year low of around 6 percent on Wednesday.
Recall that Dangote refinery had, on 19th March 2025, suspended the sale of its petroleum products in Naira following the stalemate of discussion around the Naira-for-crude sale.
The development thereafter led to an increase in petrol price.
