By Waliat Musa
Marketers hail reduction, promise to slash pump prices nationwide

Dangote Petroleum Refinery and Petrochemicals has reduced the price of Premium Motor Spirit (PMS) from N880 to N865 per litre, a move that industry stakeholders link to the Federal Government’s recent reaffirmation of its commitment to the naira-for-crude policy.
  
This development came just two days after the Federal Government reaffirmed the commitment during a meeting of the Technical Sub-Committee overseeing the initiative, which came after widespread concern over the continuity of the policy after it was effectively suspended last month at the end of a six-month pilot phase.
  
The chairman of the sub-committee, Wale Edun, clarified that there had been no policy-level decision to discontinue the initiative permanently. According to him, the framework enabling crude oil sales in naira remains operational and aligned with broader national economic goals to reduce forex exposure, enhance local refining capacity and stabilise fuel prices.
  
The initiative, backed by the Federal Executive Council (FEC), is part of a broader strategy to support the NNPC refineries, Dangote Refinery, and other local processors through the naira-denominated purchase of crude oil. It also aims at reducing Nigeria’s dependence on fuel imports and the volatile forex market.
  
Speaking on the price slash by Dangote, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Shettima, expressed satisfaction, noting that the move aligned with the association’s long-standing request.
 
“This cut in PMS price by Dangote Refinery is welcome. We in IPMAN are happy because we have been pleading with the government to implement the naira-for-crude deal. Now that they have done it, prices have started dropping. Once we receive the product at this reduced price, our members will also adjust pump prices accordingly,” Shettima said.
 
 He added that the association held an emergency meeting yesterday to brief its National Executive Council (NEC) members on the development and plans to inform the public once distribution and the new price begin.
  
Also reacting, the Executive Secretary of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, described the price cut as a “welcome development.”
  
According to him, the drop reflects recent declines in global crude prices, which create an opportunity for Nigerian refiners to purchase crude in naira, ultimately leading to lower retail prices.
  
However, he reiterated DAPPMAN’s earlier caution that while the naira-for-crude policy would benefit local pricing, it might reduce the government’s forex inflow from crude sales.
  
DAPPMAN, however, viewed the price drop as a step towards easing the burden on consumers and stabilising the petroleum market.