The Crude Oil Refiners Association of Nigeria (CORAN) has urged the Nigerian government to set the exchange rate at ₦1,000 per dollar to bring down the price of petrol from Dangote Refinery to below ₦600 per liter.
CORAN’s spokesperson, Eche Idoko, made this suggestion in response to the current surge in petrol prices, which range between ₦950 and ₦1,100 per liter across Nigeria.
The hike follows an announcement by the Nigerian National Petroleum Company Limited (NNPCL) of an increase in petrol prices across its outlets, citing the cost of Dangote Refinery’s fuel, priced at ₦898 per liter.
Dangote Refinery, however, attributed its pricing to the high cost of crude oil in the international market.
In light of the rising fuel costs, Idoko emphasized the need for government intervention, proposing a fixed exchange rate for dollar transactions involving locally refined petroleum products. He explained that pegging the dollar rate to ₦1,000 for these deals could significantly reduce petrol prices.
“This is not the same as paying subsidies,” Idoko clarified, “but rather creating mechanisms to ensure that the price of petrol remains affordable despite international crude oil and currency fluctuations.”
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