The Crude Oil Refiners Association of Nigeria (CORAN) has called on the federal government to peg the exchange rate at ₦1,000 per dollar to reduce the price of petrol from Dangote Refinery to below ₦600 per liter. This recommendation comes amid the recent surge in fuel prices, with petrol currently being sold between ₦950 and ₦1,100 per liter across the country.
CORAN's spokesperson, Eche Idoko, made the suggestion in a statement as the Nigerian National Petroleum Company Limited (NNPCL) recently announced another petrol price hike. The state-owned oil firm attributed the increase to the cost of fuel supplied by Dangote Refinery, which is priced at ₦898 per liter.
Idoko explained that the steep prices are due to the high cost of crude oil on the international market and the depreciation of the naira. He urged the government to intervene by pegging the exchange rate for crude transactions at ₦1,000 per dollar to ease the burden on consumers.
"This is not a subsidy," Idoko clarified. "The government would simply be setting mechanisms to lower the product’s cost by managing the exchange rate, which would result in a significant price reduction."
The call for intervention follows the lifting of Dangote Refinery’s petrol, which has sparked widespread concern over escalating fuel costs.
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