By Ikugbadi Oluwasegun
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has called for transparency in the pricing framework of the Federal Government’s Naira-for-Crude Oil Policy, stressing that the true cost at which refineries receive crude must be made clear to Nigerians.
At the inauguration of an ad-hoc committee on the policy in Abuja, the executive secretary of the association Olufemi Adewole noted that petrol pump prices are directly tied to the crude supply cost and insisted that openness in pricing would help prevent public suspicion of manipulation.
DAPPMAN pledged to work with the committee to ensure the policy delivers better outcomes for citizens. A representative of Edo Refinery, Charles Nmerole, highlighted the challenges operators face in sourcing crude. He explained that while a large portion of transactions are settled in naira, marginal field producers still pay in dollars, a situation that makes it difficult for smaller refineries to remain competitive.
Earlier, while declaring the event open, Speaker of the House of Representatives, Hon. Abbas Tajudeen, represented by Minority Leader Hon. Kingsley Chinda, noted that the Naira-for-Crude Oil Policy has far-reaching implications for foreign exchange stability, revenue generation, and energy security. He urged the committee to assess the feasibility, coordination, and sustainability of the initiative, while working closely with stakeholders across the industry.
The committee chairman, Hon. Boniface Emerengwa, outlined the panel’s mandate to identify risks, engage stakeholders, and produce evidence-based recommendations that would help the House ensure the policy aligns with national economic priorities.
