Dr. Billy Gillis-Harry, National President, PETROAN, speaking on recent development in the oil and gas sector, lauded the Federal Government’s decision to continue the Naira-for-Crude policy.

The Naira-for-Crude policy involves the sale of crude oil to domestic refineries — such as the Dangote Refinery and others — in Naira instead of U.S. dollars.

Obele, said the association is optimistic that the policy, combined with the recent drop in global crude oil prices, will lead to more affordable fuel prices for Nigerian consumers.

According to him, when combined with the recent drop in global crude oil prices, it will lead to more affordable fuel prices for Nigerian consumers.

“We want to sincerely commend the Federal Executive Council for its decision to fully implement the Naira-for-Crude policy.

“This is a strategic move aimed at reducing our dependence on foreign exchange, enhancing local refining capacity, and ultimately stabilizing the downstream sector,” Obele stated.

“This is a policy that supports local production and shields our economy from the volatility of the global oil market.

“When our refineries buy crude in Naira and process it locally, the cost of production reduces significantly, and that benefit can and should be passed on to end users”, he further added.