NEWS
PETROAN Backs Naira-for-Crude Policy, Hails Potential For Lower Fuel Prices
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed strong approval for the Federal Executive Council’s decision to continue the Naira-for-Crude policy, calling it a potential turning point for Nigeria’s energy sector.
In a statement to journalists in Abuja, PETROAN’s National Public Relations Officer, Joseph Obele, said the association is confident that the policy, combined with recent declines in global crude oil prices, could lead to a reduction in fuel costs for Nigerian consumers.
“We want to sincerely commend the Federal Executive Council for its decision to fully implement the Naira-for-Crude policy,” Obele said.
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“This is a strategic move aimed at reducing our dependence on foreign exchange, enhancing local refining capacity, and ultimately stabilizing the downstream sector.”
The Naira-for-Crude policy allows domestic refineries, including the Dangote Refinery, to purchase crude oil in Naira instead of U.S. dollars.
PETROAN believes this shift will relieve pressure on the foreign exchange market and foster increased investment in Nigeria’s refining infrastructure, ultimately strengthening the nation’s energy security.
Obele also praised President Bola Tinubu and other key leaders, including the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri; the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; and top executives at NMDPRA and NUPRC, for their commitment to reforms that prioritize the welfare of Nigerian consumers.
“This is a policy that supports local production and shields our economy from the volatility of the global oil market,” Obele said.
“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.”
Obele also pointed out that the current global decline in crude oil prices — driven by reduced demand in major economies and increased output from non-OPEC producers — provides a unique opportunity for Nigeria to adjust local fuel prices.
He attributed the drop in oil prices to broader international economic shifts, including past U.S. trade policies that contributed to a global economic slowdown.
“President Trump’s policy of reciprocal tariffs in the past contributed to the global economic slowdown, which in turn has had a deflationary impact on oil prices,” Obele added.
Despite fluctuations in the international oil market, PETROAN remains optimistic that the Naira-for-Crude policy will shield Nigeria from external shocks.
The association expressed hope that Nigerian consumers will soon begin to experience both more stable fuel supply and reduced prices at the pump.
“With the Naira-for-Crude policy in place, we are hopeful that Nigerian consumers will soon start to feel the positive effects — not just in terms of stable supply, but in actual price reductions at the pump,” Obele concluded.
PETROAN reiterated its commitment to supporting policies that encourage local refining, conserve foreign exchange reserves, and ultimately provide lasting relief to Nigerian fuel consumers.
Oil marketers have warned that Nigerians may soon pay as much as ₦1,500 per litre for Premium Motor Spirit (PMS), commonly known as petrol, as global oil prices surge following the escalating conflict involving Iran in the Middle East.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, issued the warning on Tuesday while speaking on a television programme on the impact of the global crisis on fuel prices.
According to him, the current volatility in the international oil market has already pushed petrol prices above ₦1,000 per litre at the depot level, with the ex-depot price from the Dangote Petroleum Refinery now standing at about ₦1,175 per litre.
He explained that once logistics, transportation, and other operational costs are added, the final pump price could rise significantly, possibly reaching ₦1,500 per litre in the near future.
Despite concerns about the rising cost of fuel, Gillis-Harry noted that steady availability of petroleum products from the Dangote Refinery remains a major relief for Nigeria, stressing that consistent supply is better than a nationwide fuel scarcity.
He added that the refinery’s production capacity is helping to stabilize supply across the country at a time when global markets remain highly unstable.
The latest price adjustment by the Dangote Refinery marks the fourth review within two weeks. Petrol prices increased from ₦995 per litre to ₦1,175 per litre, while diesel rose from ₦1,430 to about ₦1,620 per litre.
The development comes amid a sharp spike in international crude oil prices triggered by fears of supply disruptions due to the ongoing Middle East conflict.
Brent crude recently climbed above $102 per barrel, while West Texas Intermediate (WTI) rose to around $101 per barrel.
Industry analysts say the rising oil prices are already having a ripple effect on Nigeria’s downstream petroleum sector, forcing depot operators and fuel marketers to adjust their prices in response to the global market trend.
Meanwhile, the management of Dangote Petroleum Refinery has stated that although Nigeria introduced a crude-for-naira arrangement to support local refineries, the facility still purchases crude oil at international market prices, leaving it exposed to global price fluctuations.
The United Nations has raised the alarm over a dramatic surge in attacks on schools worldwide, reporting a 166% increase between 2021 and 2024.
The rise highlights the escalating dangers faced by children in conflict zones.
United Nations Deputy High Commissioner for Human Rights, Nada Al-Nashif, revealed the figures during the annual meeting of the UN Human Rights Council on the rights of the child on Monday.
The session, themed “Mainstreaming the Rights of Children in Armed Conflict: Prevention and Protection,” focused on protecting children amid global conflicts.
Al-Nashif noted that the attacks were particularly concentrated in Sudan, Ukraine, the Gaza Strip, Myanmar, and Ethiopia, where children remain among the most vulnerable victims.
“In 2024, armed conflict directly affected nearly one in six children globally—about 470 million children,” she said. “Years of lost education, trauma, and lasting mental scars shape societies for generations. Long after the fighting subsides, children continue to face deadly risks.”
She highlighted Gaza as having the world’s highest number of child amputees per capita, warning that the impact of war goes far beyond immediate violence.
In Lebanon, government figures show that more than 450,000 people were displaced in less than a week, with at least 394 fatalities, including 83 children, during the 2024 conflict with Israel.
Al-Nashif also stressed the disproportionate risks for displaced children, who are more likely to die from disease linked to unsafe water and sanitation than from direct violence.
In the Democratic Republic of Congo, a 2025 cholera outbreak killed 340 children, underscoring the long-term consequences of conflict.
She called on states to uphold their international obligations to protect children, insisting that protecting children is “both a legal obligation and a humanitarian moral imperative.”
Also speaking at the council, Vanessa Frazier, Special Representative of the UN Secretary-General for Children and Armed Conflict, warned that violence against children continued at extreme levels in 2025.
She urged mainstreaming child protection across peace, security, humanitarian, human rights, and development efforts, emphasizing that children should actively participate in shaping policies designed to safeguard them.
Frazier highlighted her office’s global campaign, “Prove It Matters,” aimed at amplifying children’s voices in conflict resolution and peacebuilding.
The UN report underscores the urgent need for coordinated international action to protect children and ensure their safety in conflict zones worldwide.
Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.
Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.
Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”
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“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.
Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.
“The force of law has been replaced by the power of the strongest,” he remarked.
Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.
While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.
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