The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Minister of State for Petroleum Resources, Heineken Lokpobiri, to review the naira-for-crude oil policy thoroughly.
The first phase of the policy, which was aimed to improve product availability and affordability, ended last month, and there have been calls for its restart.
PETROAN’s spokesperson, Joseph Obele, in a statement on Thursday, said it was important to evaluate the initiative to determine its impact and decide the best way forward and to ensure that future decisions are made in the interest of the Nigerian people.
We urge the refinery operators to ensure that the crude oil imported meets global standards to guarantee the production of high-quality petroleum products. It is noteworthy that Nigerian crude oil, classified as sweet crude (with less than 0.5 per cent sulphur content), is among the best in the world, and we see no reason why imported crude oil should be of lower standards.
“The association is concerned that the importation of substandard crude oil will compromise the quality of petroleum products, undermine the growth and development of the Nigerian oil and gas industry, and ultimately harm Nigerian consumers.
“Furthermore, the permutations in the media that the price of petroleum products might likely increase as the naira-for-crude deal comes to an end is a serious concern to PETROAN. In order to avoid this scenario and ensure price stability and energy sufficiency, PETROAN advocates that the window for the importation of refined petroleum products should remain open.
“We call on regulatory agencies to be on high alert and conduct thorough laboratory analysis on all crude oil imports to ensure they meet the required standards. We also urge the relevant authorities to ensure that refinery operators adhere to the highest standards in their operations, including the importation of high-quality crude oil,” Obele said..
PETROAN expressed optimism despite recent spike in the price of petroleum products, saying, PETROAN was optimistic that ongoing reforms under the Petroleum Industry Act (PIA) will bring more competition to the downstream sector—a move that could help bring prices down in the long run.
Naija Daily News recalls that the naira-for-crude policy commenced on October 1, 2024, allowing local refineries to purchase crude oil using naira instead of U.S. dollars, but the deal officially ended in March 2025.
The Nigerian National Petroleum Company (NNPC) Limited has confirmed that discussions are ongoing to establish a new deal. However, the Dangote Petroleum Refinery announced in March that it had temporarily suspended the sale of petroleum products in naira, raising further questions about the future of the initiative.
As the government prepares to make its next move, PETROAN is urging officials to prioritize fuel quality, market stability, and the welfare of everyday Nigerians in whatever direction the policy takes next.
