Nigerians may soon enjoy a reduction in fuel prices as the Federal Government reaffirms its commitment to the naira-for-crude deal with Dangote Refinery and other local refiners.
Recall that in an official update on Wednesday, April 9th the government’s Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative confirmed that the policy will continue indefinitely.
The move is aimed at boosting local refining, enhancing energy security, and cutting dependence on foreign exchange for fuel imports.
“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” said a statement posted on the Federal Ministry of Finance’s official X account, quoting Wale Edun, Minister of Finance and Chair of the Implementation Committee.
The announcement eases industry concerns over potential price hikes and uncertainty in the oil and gas sector.
Reacting to the development, the National President of the Petroleum Retailers Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, hailed the decision, describing it as a “critical component” of Nigeria’s economic growth.
“We congratulate the President and the Committee for taking this bold step. As far as we’re concerned, the naira-for-crude policy is key to economic progress,” he added.
Spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, also praised the move. He revealed that Dangote Refinery is expected to announce a new price template in line with the naira-based crude deal and current global oil prices.
“I believe Dangote will roll out a revised price before the end of the week. They can’t rely on old stock excuses anymore — that’s not in line with international best practices,” Ukadike said.
His remarks come amid a sharp decline in global crude oil prices, which plunged by nearly six percent on Wednesday, the lowest in four years.
This renewed momentum follows a temporary suspension by Dangote Refinery on March 19, 2025, when the naira-for-crude discussions hit a deadlock, triggering a spike in petrol prices nationwide.
With the policy now back on track, industry watchers are hopeful for a more stable and affordable fuel market in the days ahead.
