Fuel marketers in Nigeria have welcomed President Bola Tinubu’s directive to the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to Dangote Refinery and other local refineries in naira instead of dollars.
The marketers believe this move will lead to a reduction in fuel prices nationwide, benefiting consumers and the economy.
This bold decision has sent shockwaves of excitement throughout the fuel marketing sector, with industry experts predicting a substantial reduction in fuel prices nationwide.
According to Ukadike Chinedu, the national public relations officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), “This is a monumental victory for the country, and we are thrilled that the President has finally listened to our pleas.
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By localizing the sale of crude oil in naira, we can now look forward to a significant crash in petrol prices, which will be a huge relief for Nigerians.”
The IPMAN spokesperson further emphasized that “the frequent scarcity and price hikes that have plagued our nation will soon be a thing of the past, thanks to this visionary directive.
We are confident that this move will strengthen the naira, reduce our dependence on foreign currency, and ultimately benefit the entire economy.”
Eche Idoko, publicity secretary of the Crude Oil Refiners Association of Nigeria, echoed similar sentiments, stating that “the supply of crude to local refineries in naira will undoubtedly lead to a significant reduction in the cost of petrol, making it more affordable for Nigerians.
This, in turn, will strengthen our currency and have a positive ripple effect on the entire economy.”
As the news of Tinubu’s directive spreads, fuel marketers and industry experts are eagerly anticipating the implementation of this policy, predicting a significant drop in fuel prices and a boost to the nation’s economy.
With the current fuel prices ranging from N620 to N850 per liter, Nigerians can expect a welcome relief in the form of lower prices at the pump.
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