Oil marketers are indicating that the price of petrol is set to drop drastically in the coming days. According to the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike said the agreement of the naira-for-crude deal will instigate the reduction.
More so, the executive on Wednesday narrated how the resumption of the crude and refined production sales in naira deal by the Federal Government is a welcome development. He added that the broader impact of the deal will see Dangote Refinery reduce its loading costs before the new week.
Meanwhile, Chinedu Ukadike didn’t give a potential price the FG agreed to sell the product. Confirming the new deal, the Ministry of Finance in a post on X yesterday confirmed that the ministry met with representatives of Dangote Refinery.
In the statement, the ministry confirmed that the Minister for Finance, Wale Edun discussed key issues relating to the deal with relevant stakeholders in the sector, including delegates from the Central Bank of Nigeria.
Similarly, the National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko called for the inclusion of other local refiners in the program. Idoko argued that broader participation would enhance the economic benefits and strengthen the impact of the new agreement.
How does the naira-for-crude oil deal help reduce petrol price
Recall that in July 2024, the Federal Executive Council ordered the NNPCL to sell crude oil to Dangote Refinery and other local refineries in the Nigerian naira and not the US dollar. The move emanated in a bid to reduce the reliance on the USD and also ensure the price stability of petrol.
Consequently, the NNPCL commenced the sale of crude oil to local refineries on October 1 2024. While running for a while, the policy proved efficient in improving daily supply and reducing the pump prices of fuel. During that period, the prices of petrol dropped from around N1,050 to N860 before Dangote Refinery pulled out of the deal in March 2025.
The firm announced a temporary suspension of the sale of petroleum products in naira to avoid a mismatch between its sales proceeds and stocks it purchased using dollars. More so, the announcement gave private depot owners the opportunity to hike their pump prices to N960.
