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‘Why Nigerians not getting cheaper petrol amid crude price drop’
The Crude Oil Refinery Owners Association of Nigeria (CORAN) has explained why Nigerians are not benefiting from lower Premium Motor Spirit (PMS) prices, despite a decline in global crude oil prices. According to CORAN, factors such as the suspension of Naira-for-crude arrangements, profiteering by intermediaries, and the surging foreign exchange rates have kept petrol prices high.
This explanation was provided by CORAN’s spokesperson, Eche Idoko, in response to the recent drop in global crude prices.
Crude fell to as low as $64 per barrel for Brent and $59.7 for WTI at the weekend.
The drop in crude prices has been consistent since Trump’s tariff took effect and following an unexpected Organisation of Oil Producing Countries (OPEC+) supply cut announcement.
Meanwhile, despite the drop in global prices, the local prices of refined products such as fuel have been on the increase in Nigeria.
Reacting, Idoko said, “The price will continue to rise because these middlemen are the elements that want to see that local refining is not sustained.
“You have the FX effects, you have the effects of the logistics of shipping in refined petroleum products, and then you also have the effect of the middlemen. All these will push the cost of petroleum products high in Nigeria.”
Recall that MRS filling stations, a partner of Dangote Refinery, Nigerian National Petroleum Company Limited, NNPCL, and others, last week increased their petrol pump prices.
Currently, Nigerians buy petrol for between N930 and N975 per litre, depending on the location.
The development comes as Dangote Refinery, on March 19, 2025, suspended petrol product sales in Naira following the stalemate of the Naira-for-crude sale deal between the company and the Nigerian government through NNPCL.
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