The federal government has said that the naira-for-crude deal with local refiners will continue.
Analysts say the deal will likely reduce the local petrol price, particularly in the face of declining global oil prices triggered by the global trade war.
One oil analyst said the petrol price in the Nigerian market “will drop due to the naira-for-crude deal and the falling global oil prices,” noting that this would “provide a relief for consumers.”
Brent crude fell by 3.52 percent to $60.61 per barrel on Wednesday at 5.30pm, with WTI crude closing at $57.31, representing a drop of 2.21 percent from Tuesday.
The global oil prices are fast declining as United States President Donald Trump imposes a 104 percent tariff on Chinese goods and at least 10 percent duty on United States trading partners. Nigerian exporters now pay 14 percent tariff to ship products to the U.S. China has in turn imposed an 84 percent levy on U.S. goods.
However, the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened a meeting on Tuesday to review progress and address ongoing implementation matters.
In a statement made available on X (formerly Twitter), the stakeholders at the meeting reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
It read: “Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.
As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties.
