The price of Premium Motor Spirit (PMS), popularly known as fuel, may soon decline as the Nigerian government reaffirmed its commitment on Wednesday to the continued implementation of the naira-for-crude oil exchange agreement with Dangote Refinery and other domestic refineries.
The Federal Government, through its Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative, announced that the initiative would remain in force indefinitely. The decision is aimed at supporting local refining efforts, strengthening energy security, and easing pressure on foreign exchange in the local petroleum market.
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“The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives,” read a statement from the Naira-for-Crude Implementation Committee, chaired by the Minister of Finance, Wale Edun. The update was shared on Wednesday via the official X (formerly Twitter) handle of the Federal Ministry of Finance.
