Refiners Association Advocates Forward Crude Sales to Stabilize Pricing and Secure Feedstock

The Crude Oil Refiners Association of Nigeria states forward crude sales would enhance refiners' certainty, reduce exposure to international price fluctuations, and improve feedstock planning.

CORAN Spokesperson Eche Idoko emphasized that all domestic refiners must participate in the forward crude sales arrangement to ensure feedstock security. The association also questions the proposed N1,350-per-litre ex-gantry ceiling, demanding clarity on cost coverage beyond this limit and shortfall recovery mechanisms.

Petrol prices in Abuja have reached N1,410 per litre for Premium Motor Spirit, exceeding the government’s proposed N1,350-per-litre ceiling. Limited crude availability complicates the government’s supply framework, as filling stations operate at prices above the targeted threshold.