Besides the global tariff wars, which also affected Nigeria at the onset, early April had been bearing signs of feisty moments, inclusive of the thundering heavy downpours witnessed in the opening days. Yet, it is within that threat of being dampened by the weather that a Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative had met this past midweek to relaunch what has immediately yielded a slight reduction in petrol price for households and businesses after only just two days of reset.

As a result of the sub-committee’s revival of the Naira-for-Crude policy of the President Bola Tinubu administration, beneficiaries are in for an extended period of cheaper supplies from the look of things.

It would be unlike 22 days back, specifically the 11 March suspension of local currency-based transactions by one influential refiner, when the picture from an energy clarity prism was anything but certain for filling station customers seeking better premium motor spirit affordability.

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The technical group had convened on the instance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja on Tuesday, 8 April, 2025, and through their meeting, it is clear that beneficiaries are in for an extended period of goods becoming more affordable.

Wednesday on X, a statement from the finance ministry said stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).

It confirmed that the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

As with any major policy shift, says the Committee, implementation challenges may arise from time to time, but what is sure is that the initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.

This new era beats the uncertainty for filling station customers seeking reduced costs on 11 March.

At the time, major crude oil refiners like the Dangote Petroleum Refinery and Petrochemicals had a statement put out emphasising their product sales going forward would be based on the international buying rate benchmarked on the United States dollar.

It then meant that PMS was sold by MRS Holdings, Ardova Plc, and Hyden Energy – all of whom get their premiums from the 650,000 barrel per-day refinery – at an average of ₦930 per litre.

Now, with the Naira-for-Crude deal back in motion, the retail price is expected to go down by ₦20, and that hasn’t surprised oil marketers because it had long been anticipated since Wednesday, ever since the finance ministry quorum met.

The sub-committee are the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun and representatives of Dangote Petroleum Refinery and Petrochemicals.

Also included are the senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.

Following their agreement, a notice from Dangote went to the relevant marketers yesterday, which was seen by The Punch and read: Good morning. Our updated prices for 10.04.25 are: PMS Gantry: 865 in Naira for gantry (inclusive of NMDPRA), PMS coastal: On hold

AGO Gantry: $579.00 + $77, AGO Coastal: $579.00 + $8, ATK Gantry: $622.25 + $42, ATK Coastal: $622.25 + $22 and LPG Coastal: On hold.

Despite the sky brightening up, there are some still ruing their losses, like the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, seeing the struggles of other members.

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We are relieved, although it’s a mixed one, Mr. Ukadike told The Punch. The reason there is a mixed feeling is because some of us who bought and haven’t exhausted our stock are now selling at a loss—it’s a huge loss.

He said the new price will help us buy more and sell faster, but we still have mixed feelings about it.

Ayodele Johnson

Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.