Nigerians have lamented that they are yet to feel the impact of the global crude price drop on local prices.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) stated that the renewed naira-for-crude agreement with Dangote Refinery and others will not significantly reduce petrol prices due to forex depreciation and market forces. IPMAN spokesperson Chinedu Ukadike told DAILY POST that global crude declines—Brent
$65 and WTI at $61—have not translated to local price relief.
Ukadike attributed muted price impacts to FX volatility and supply-demand dynamics, even as OPEC+ production cuts and the US-China tariff war pushed crude to multi-week lows. The naira’s weakness continues to offset potential benefits of lower international oil costs for Nigerian consumers.
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