Nigerians may soon experience relief at the fuel pump as the federal government has directed the full implementation of the naira-for-crude oil agreement.

This move is expected to help reduce the price of petrol from the current price of N930 per litre.

FG gives order to NNPC, NMPDRA

On Wednesday, April 9, the Federal Executive Council (FEC) officially directed the complete application of the collapsed naira-for-crude agreement with local refineries.

The Ministry of Finance disclosed this on its X handle as it provided an update on the naira-for-crude agreement.

The committee added that the naira-for-crude agreement was not a time-bound intervention but an essential policy directive to support sustainable local refining and boost energy security.

According to the statement, the technical sub-committee on the crude and refined product sales in the naira scheme met to address ongoing implementation issues.

Oil marketers expect fuel price changes

Oil marketers have reacted to the directive and believe it could force refiners like Dangote Refinery to revise pump prices downward within days, Punch reports.

Chinedu Ukadike, national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said:

“We believe that from now till the end of the week, Dangote refinery will come up with a new price.

“They can’t complain of old stock because that’s not best practice internationally.”

Ukadike added that the government's renewed commitment reflects a willingness to heed industry concerns and support Nigerians grappling with rising energy costs. Reacting also, IPMAN Vice President Hammed Fashola added:

"“It is a good development. Since the naira deal was halted, the naira weakened and fuel prices spiked. With its return, we expect a price drop.”

PETROAN President Billy Gillis-Harry also called for inclusive participation, arguing that extending the policy to all domestic refineries would ensure broader access to affordable fuels.

He added:

“As far as we’re concerned, naira-for-crude is a critical component of Nigeria’s economic recovery. We’re happy with this decision and hope every refinery benefits.”

Also, the Crude Oil Refinery Owners Association of Nigeria (CORAN) welcomed the continuation of the policy.