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.
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.
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.
