Petroleum Products Retail Outlets Owners Association of Nigeria, has commended Federal Government over ‘naira for crude’ deal with Dangote Refinery.
PETROAN expressed confidence that the new policy will mark a turning point in the country’s energy sector.
Addressing newsmen in Abuja, on Thursday, PETROAN’s National Public Relations Officer, Joseph Obele, said that the association is optimistic that the recent drop in global crude oil prices, will also lead to more affordable fuel prices for Nigerian consumers.
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Mr. Obele said that the new development will encourage investment in the country’s refining infrastructure and improve Nigeria’s overall energy security.
He said: “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.
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“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.”
INFORMATION NIGERIA reports that Naira-for-Crude policy involves the sale of crude oil to domestic refineries such as Dangote Refinery and others, in Naira instead of U.S. dollars.
