By Raphael Ekwe
The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has expressed support for the Federal Government’s decision to continue the Naira-for-Crude policy.
‎In a statement by the Association’s Public Relations Officer, Dr Joseph Obelle, PETROAN’s National President, Dr. Billy Gillis-Harry commended President Bola Tinubu and members of his economic team for championing roundtable talks aimed at ensuring petroleum products affordability and price stability in Nigeria.Â
‎The statement noted that this development is part of a broader efforts to stabilize the downstream sector and improve the Nigerian economy.
According to the statement, Dr. Billy Gillis-Harry stated that the recent drop in global crude oil prices has sparked hopes of a corresponding reduction in petrol prices in Nigeria and with the Naira-for-Crude policy in place, the benefits of lower global crude prices will lead to more affordable fuel prices.Â
‎PETROAN also expressed optimism that the Naira-for-Crude policy will help to insulate the economy from the volatility of the global market by reducing the country’s dependence on foreign exchange and promoting local refining.
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