The Crude Oil Refinery Owners Association of Nigeria (CORAN) has announced that the pump price of petrol will drop to around N300/litre once local refineries, including Dangote Petroleum Refinery, start producing at full capacity. This is contingent on the government providing adequate crude oil supply to local refiners.
According to CORAN’s Publicity Secretary, Eche Idoko, the current high price of petrol is unsustainable and only benefits importers and foreign refiners. He cited the example of diesel prices dropping from N1,700 to N1,200/litre after Dangote Refinery began production.
Idoko emphasized that the price of petrol will come down if local refineries are allowed to work, and the current high price is only serving the interests of global refiners abroad.
This development has sparked hope among Nigerians for a significant reduction in petrol prices, which currently stand at around N700/litre.
