Naira-for-Crude policy will stabilize fuel prices – says FG

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The Tinubu Media Support Group (TMSG) has hailed the federal government’s decision to make the naira-for-crude policy permanent, saying it is a sustainable solution to the country’s cost of living crisis.

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According to the chairman of the advocacy group, Emeka Nwankpa, the policy will help conserve foreign exchange and keep the pump price of fuel and other petroleum products stable. “This, for us, is a good development that will help conserve foreign exchange, especially as there will be no need for the use of dollars for domestic crude or petroleum products transactions,” Nwankpa said in Abuja.

He noted that the policy would guarantee energy security with a resultant positive effect on the cost of living in a country where prices of goods and services are tied to fuel prices. “Invariably, this will guarantee energy security with a resultant positive effect on the cost of living in a country where prices of goods and services are tied to fuel prices,” he added.

Nwankpa expressed hope that the relief expected from the policy would translate to a reduction in prices of goods and services in the long run. “We now expect oil marketers to take advantage of the new policy and ensure that it reflects in the pricing of fuel once the new policy takes full effect,” he further said.

The policy was initially introduced in October 2024 for six months, and its permanence is expected to support sustainable local refining. Nwankpa recalled that President Bola Tinubu’s approval of the sale of crude in naira to local refineries significantly reduced the cost of petroleum products from the Dangote Refinery at the outset of the policy

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