The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has revealed that petrol prices could drop below N600 per liter if the naira strengthens to less than N1,000 per dollar.
PENGASSAN President, Festus Osifo, stated this during the association’s National Executive Council (NEC) meeting held in Lagos.
He attributed the high pump prices of petrol to the weak naira, noting that the oil and gas sector operates predominantly in US dollars.
“If the naira appreciates, Nigerians can expect a significant reduction in petrol prices,” Osifo said.
The PENGASSAN president pointed out that the pricing of crude oil allocated to local refineries, such as the Dangote refinery, is pegged to international benchmarks, which are dollar-based.
He cautioned that without efficient local refining and a stable exchange rate, petrol prices could rise as high as N1,300 per litre.
Osifo, however, noted that with strategic management and reforms, the country could achieve more affordable energy and sustainable economic development.
He also bemoaned the recently passed 2025 budget of N49 trillion, stating that it can be likened to $30 billion.
“For us, the 2025 budget is very low and abysmal, we all know what the effect of the Naira devaluation has done to us. N49 trillion is barely $30 billion and $30 billion is not even enough to fix our roads.
“So, we are saying the budget is extremely small for a country abundantly blessed with human and mineral resources.”
