Nigerians may soon breathe a sigh of relief at the fuel pumps, as the Crude Oil Refinery Owners Association of Nigeria (CORAN) has hinted at a significant drop in the price of petrol—possibly falling below N400 per litre—amid the ongoing crash in global crude oil prices.
In a recent update shared on its official X (formerly Twitter) handle, Nigerian Stories reported this potential reprieve, citing insights from CORAN. According to the association, the current nosedive in crude oil prices could pave the way for a substantial reduction in the landing cost of Premium Motor Spirit (PMS), commonly known as petrol.
“With the prevailing dip in global crude oil prices, petrol prices in Nigeria can fall below N400 per litre if refineries are empowered to operate optimally,” the association was quoted as saying.
This revelation comes at a time when Nigerians are grappling with the harsh effects of fuel subsidy removal, spiraling inflation, and general economic hardship. A potential drop in fuel prices could bring much-needed relief to households and businesses alike.
Industry stakeholders are now urging the federal government to provide a more enabling environment for local refineries to thrive—emphasizing the need for consistent supply of crude to indigenous refineries, supportive policies, and infrastructural investments.
As citizens await further developments, all eyes are on both the global oil market and domestic policy decisions that could transform this projection into reality.
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