Naira-for-crude: How to crash fuel price in Nigeria – LCCI

The Lagos Chambers of Commerce and Industry said that the Nigerian government should supply crude oil to Dangote Refinery at N1000 per dollar exchange to crash the price of Premium Motor Spirit (petrol).

The President of LCCI, Gabriel Idahosa disclosed this in a statement on Friday.

His comments come as the Nigeria government through Minister of Finance, Wale Edun on Friday announced that oil marketers can directly purchase petrol from Dangote Refinery as part of the implementation of the Naira-for-crude deal which brought an end to Nigerian National Petroleum Company Limited as the sole-buyer.

The development followed the increase in fuel price across NNPCL retail outlets on Wednesday to N1,030 per liter in Abuja.

Other filling station also increased their fuel price between N1,120 and N1,200 per liter.

Reacting, Idahosa stressed that the solution to the high price of fuel is for the Nigerian government to sell crude to Dangote Refinery and other refineries at a pegged price of N1000 per Dollar.

According to him, subsidizing crude supply to refineries in line with the Naira-for-crude deal which kicked off on October 1, 2024, will have a ripple effect on Nigeria’s economy and the financial hardship faced by Nigerians.

“Crude oil supplied to refineries in naira should be pegged at an exchange rate of N1,000 to one USD. This would significantly lower the cost of petrol for end users, thereby reducing logistics and transportation expenses.

“The ripple effect would stimulate economic activity and help alleviate the current financial hardships faced by Nigerians”, he stated.

DAILY POST recalls that the Nigerian government confirmed that it has begun the Naira-for-crude sale with Dangote Refinery.

At the official Foreign exchange market, the Naira stood at N1641.27 per dollar on Friday.

Daily Post