The Crude Oil Refiners Association of Nigeria (CORAN) is advocating for the Federal Government to set the exchange rate at N1,000 per dollar to bring down the cost of petrol at Dangote Refinery to below N600 per litre.
According to CORAN’s spokesperson, Eche Idoko, the recent spike in petrol prices, ranging between N950 and N1,100 per litre, is a result of currency fluctuations and the increasing cost of crude oil globally.
Idoko emphasized that government intervention in fixing the exchange rate for locally refined products could lead to a significant reduction in petrol prices. By pegging the dollar exchange rate for crude transactions at a lower rate, consumers could benefit from cheaper fuel without the need for subsidies.
He explained, “The current prices reflect market realities without intervention, but with government support through exchange rate management, consumers would see an improvement.”
CORAN’s proposal aims to address the challenges faced by consumers due to high petrol prices and ensure affordability without relying on subsidies.