Eche Idoko, the Publicity Secretary of the Crude Oil Refiners Association of Nigeria, recently shared insights on petrol pricing in an interview on Sunday. He emphasized that if Nigeria starts refining oil locally and sells it in naira, the price of petrol could significantly decrease.…..For More READ THE FULL ARTICLE HERE ▶▶...CLICK HERE TO CONTINUE READING.>>
Currently, the Nigerian National Petroleum Company Limited (NNPC) reports that petrol is being sold for N898 per litre. Idoko explained that this price is largely influenced by the increasing exchange rate. He believes that if the exchange rate were fixed at N1,000 per dollar for locally produced petrol, the price could drop to around N550 per litre.
Thank you for reading this post, don't forget to subscribe!Idoko pointed out that the petrol currently being sold by the Dangote refinery has been produced from crude oil that was purchased in dollars or imported. He reaffirmed his association’s stance, stating that local refining can lead to lower prices, emphasizing the need for a shift towards domestic production to stabilize costs for consumers.
Eche Idoko said, “If you remember, we did say that if we begin to refine locally and there is a naira sale, the price of PMS will drop. We still stand strongly by that position. This particular batch of product that is being sold by Dangote, the crude was purchased in June at the international price.”…..For More READ THE FULL ARTICLE HERE ▶▶
