The Crude Oil Refiners Association of Nigeria (CORAN) has urged the Nigerian government to fix the foreign exchange rate at N1,000 per dollar to reduce the price of petrol from Dangote Refinery to below N600 per liter.
CORAN spokesperson Eche Idoko made this appeal in a statement, addressing the recent increase in petrol prices, which currently range between N950 and N1,100 per liter in Nigeria. The hike follows the Nigerian National Petroleum Company Limited’s (NNPCL) announcement of new price adjustments across its retail outlets after receiving petrol from Dangote Refinery.
The NNPCL attributed the rise in prices to Dangote’s fuel, which was sold at N898 per liter. In response, Dangote Refinery cited the international crude oil market as the reason for the current pricing of its petrol.
Idoko called on the federal government to intervene by stabilizing the foreign exchange rate, which could lead to a reduction in fuel prices.
“For example, if the government sets the exchange rate at N1,000 per dollar for locally refined petroleum products, we will witness a significant price drop,” Idoko explained.
He added that the current pricing reflects the impact of both the weak naira and international crude oil costs.
“If the government intervenes by adjusting the naira-dollar exchange rate for crude transactions, we could see an improvement in pricing. This isn’t about providing subsidies but about implementing mechanisms to make the product more affordable,” he said.
