Nigerians are about to begin enjoying the benefits of the recent drop in global crude oil prices, following the announcement by Dangote Refinery of a reduction in the price of Premium Motor Spirit (PMS). The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), made this disclosure in a statement issued by Joseph Obele, it’s spokesperson on Thursday.
His statement came barely 24 hours after the Nigerian government reaffirmed its commitment to the implementation of the Naira-for-crude sale agreement.
Subsequently, on Thursday, Dangote Refinery reduced its ex-depot price of petrol by N13, from N880 to N867 per litre, as communicated to marketers.
Said PETROAN whole reacting to the development: “The global crude oil price continues to fluctuate. PETROAN is optimistic that the Naira-for-Crude policy will help to insulate the Nigerian economy from the volatility of the global market.
“By reducing the country’s dependence on foreign exchange and promoting local refining, the policy is expected to lead to greater stability in the downstream sector and more affordable fuel prices for consumers.
“With the Federal Executive Council’s directive to fully implement the policy, PETROAN is hopeful that the benefits of lower global crude prices will soon be felt by Nigerian consumers”.
Meanwhile, findings on Thursday night showed that retail prices of petrol remained unchanged at N950 and N975 per litre in Lagos and Abuja, respectively.
