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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has hailed the Federal Executive Council’s decision to continue the Naira-for-Crude policy, saying it could significantly reduce petrol prices across the country.

Speaking with journalists in Abuja, PETROAN’s National Public Relations Officer, Joseph Obele, said the association believes the move, alongside declining global oil prices, will result in more affordable fuel for Nigerians.

“We commend the Federal Executive Council for fully implementing the Naira-for-Crude policy,” Obele stated. “It is a strategic move to reduce our reliance on foreign exchange, boost local refining, and stabilise the downstream sector.”

Under the Naira-for-Crude policy, crude oil is sold to domestic refineries such as the Dangote Refinery in local currency instead of U.S. dollars. According to PETROAN, this approach is expected to reduce forex pressure, encourage investment in local refining, and enhance Nigeria’s energy security.

Obele also commended President Bola Tinubu and other key officials, including Petroleum Minister Senator Heineken Lokpobiri, Finance Minister Wale Edun, NMDPRA CEO Farouk Ahmed, and NUPRC CEO Gbenga Komolafe, for their commitment to consumer-centred reforms.

“When our refineries purchase crude in Naira and refine locally, production costs drop, and those savings should reach the end users,” Obele said.

He further noted that the recent slump in international crude oil prices due to weaker demand in major economies and increased production from non-OPEC members provides an opportunity to adjust local pump prices downward.

“There’s currently a supply glut in the global oil market. With demand slowing and production rising, prices are falling,” he explained.

Obele also linked the trend to past international trade policies, pointing to former U.S. President Donald Trump’s reciprocal tariff measures as contributing to broader economic slowdowns that have deflated oil prices.

Despite global market fluctuations, PETROAN expressed confidence in Nigeria’s ability to shield its economy through local initiatives.

“With this policy, Nigerians should expect not only stable supply but also lower fuel prices,” Obele concluded, reiterating the association’s support for policies that promote local refining and foreign exchange conservation.