The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed strong support for the Federal Executive Council’s recent approval of the continuation of the Naira-for-Crude policy — a move the association believes could mark a turning point in the country’s energy sector.

Speaking to newsmen in Abuja, PETROAN’s National Public Relations Officer, Joseph Obele, said the association is optimistic that the policy, combined with the recent drop in global crude oil prices, will lead to more affordable fuel prices for Nigerian consumers. We want to sincerely commend the Federal Executive Council for its decision to fully implement the Naira-for-Crude policy,” Obele said.

“This is a strategic move aimed at reducing our dependence on foreign exchange, enhancing local refining capacity, and ultimately stabilizing the downstream sector.” The Naira-for-Crude policy involves the sale of crude oil to domestic refineries — such as the Dangote Refinery and others — in Naira instead of U.S. dollars.

According to PETROAN, this change will not only ease pressure on the foreign exchange market but also encourage investment in the country’s refining infrastructure and improve Nigeria’s overall energy security.

Obele praised President Bola Tinubu and other key stakeholders — including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Chief Executive of NMDPRA, Engr. Farouk Ahmed; and the CEO of NUPRC, Gbenga Komolafe — for their leadership and commitment to reforms that prioritize the needs of Nigerian consumers.