The Crude Oil Refinery Owners Association of Nigeria (CORAN) says petrol prices could drop below N400 per litre if crude oil falls to $50 per barrel, but warns that the failure to sustain the naira-for-crude policy and the influence of middlemen may prevent any price relief.
Despite a drop in crude prices to $65 per barrel and lower landing costs, the pump price has risen to between N920 and N970 per litre due to FX issues, logistics, and profit-seeking intermediaries.
CORAN’s spokesperson, Eche Idoko, blamed these challenges on those opposing local refining and sabotaging the naira-for-crude deal, which had initially reduced petrol costs. He emphasized that unless the government renews the naira-for-crude policy and prioritizes local refining, petrol prices will remain high regardless of falling global oil prices.
