The Crude Oil Refinery Owners Association of Nigeria, CORAN, has explained why Nigerians cannot get cheaper Premium Motor Spirit, PMS, prices despite the drop in the crude oil price in the global market. According to CORAN the suspension of Naira-for-crude deals, profiteering by middlemen, and raising Us dollar foreign exchange rates are responsible for how the local prices of petrol have remained high despite the crash of crude prices.
Spokesperson of CORAN, Eche Idoko, made this known while reacting to the global crude oil price crash.
It was learned that crude oil price dropped to as low as $64 per barrel for Brent and $59.7 for WTI during the weekend.
Since the slamming of tariff by Trump’s administration, crude prices has been consistent dropping coupled with the unexpected Organisation of Oil Producing Countries (OPEC+) supply cut announcement.
Meanwhile, despite the drop in global crude prices, the local prices of refined products in Nigeria did not move an inch defying the law of demand and supply.
Idoko said, “The price will continue to rise because these middlemen are the elements that want to see that local refining is not sustained.
“You have the FX effects, you have the effects of the logistics of shipping in refined petroleum products, and then you also have the effect of the middlemen. All these will push the cost of petroleum products high in Nigeria.”
Recall that MRS filling stations, a partner of Dangote Refinery, Nigerian National Petroleum Company Limited, NNPCL, and others, last week increased their petrol pump prices against the expectation that they will go down.
Currently, Nigerians buy petrol for between N900 and N975 per litre, depending on the location.
The development is coming on the heel of as Dangote Refinery had on 19th March 2025, suspended petrol product sales in Naira following the stalemate of the Naira-for-crude sale deal between its company and the Nigerian government through NNPCL.
