The Crude Oil Refinery Owners Association of Nigeria (CORAN) has projected that the pump price of petrol could fall to ₦350 per litre, depending on global crude oil price trends.
CORAN said that if crude prices decline to $50 per barrel, the cost of Premium Motor Spirit (PMS) in Nigeria could drop significantly. However, they expressed concern that local pump prices might remain high despite the global drop, due to middlemen interference and the disruption of the Naira-for-crude deal.
Currently, global crude prices have plunged, with ICE Brent falling below $65 per barrel and U.S. WTI closing at $61.99. Yet, Nigerian petrol markets haven’t adjusted accordingly. For instance, despite a drop in landing cost to ₦865 per litre, the ex-depot price in Lagos rose to ₦900.
CORAN’s spokesman, Eche Idoko, emphasized that the Naira-for-crude policy—which once stabilized fuel prices and promoted local refining—needs urgent government protection. He warned that middlemen are sabotaging efforts to reduce fuel costs and end Nigeria’s dependence on imported substandard products.
“If crude drops to $50, petrol prices could reach ₦350,” Idoko said.
