Refiners on Monday said petrol price can drop below N400 per litre if crude oil price continues falling.
According to media reports, the Crude Oil Refinery Owners Association of Nigeria (CORAN) made this claim during a chat with newsmen on April 7, 2025.
CORAN said petrol could even sell for N350/litre if crude drops further to $50 per barrel.
Despite falling crude prices, CORAN said fuel prices may rise if government stops the naira-for-crude swap.
They blamed middlemen, forex pressure, and poor market response for rising prices of petrol in Nigeria.
“Unless the FG sustains the naira-for-crude policy, prices will keep rising,” CORAN spokesperson Eche Idoko warned on Monday.
Reports last week showed crude oil fell to $65/barrel, its lowest level since 2021.
The drop followed Trump’s 34% import tariffs and OPEC+’s surprise hike in oil supply.
Oilprice.com reported Brent crude dipped below $65 for the first time since August 2021.
US West Texas Intermediate crude also lost $4.96, closing at $61.99 per barrel.
China fired back with its own 34% tariffs on US goods, worsening global oil tensions.
The Organisation of Petroleum Exporting Countries and Allies (OPEC+) also increased output, pushing more barrels into the market.
Nigeria’s Major Energies Marketers said petrol’s landing cost dropped from N885 to N865 last week.
However, ex-depot price jumped from N860 to N900 in Lagos, raising fresh concerns.
Idoko said some individuals want to sabotage local refining by promoting substandard fuel imports.
He claimed middlemen oppose the naira-for-crude deal because it cuts off their profit channels.
According to him, petrol dropped to N700 before the policy was stopped.
“If crude hits $50, petrol can go for N350,” he insisted.
He urged FG to renew the naira-for-crude policy to protect Nigerians from rising pump prices.
He warned logistics, forex and agents’ fees still affect pricing heavily in Nigeria.
“The policy must continue if we want stable energy,” he added.