FG told to retain naira-for-crude system as higher fuel prices loom

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  • The Centre for Energy Development and Economic Sustainability (CEDES) has called on the federal government to reinstate the Naira-for-Crude policy
  • CEDES alleged that switching to a dollars-for-crude system could weaken local refineries by limiting access to crude oil at favorable rates, increasing Nigerias reliance on fuel imports
  • The group warned that abandoning the Naira-for-Crude system could cause petrol scarcity, inflation, and economic strain on Nigerians, urging the government to reconsider the policy

Tinubu’s Govt Asked To Immediately Uphold Naira-For-Crude System As Higher Fuel Prices LoomSource: FacebookConcerns over local refining and economic impactIt is concerning that instead of strengthening local refining capacity, this shift could make it more difficult for refineries to operate effectively. The consequence could be an increased dependency on imports, which comes at the detriment of national economic stability, Sani stated.Potential Impact on Fuel Prices and InflationWith this shift, we are at risk of seeing higher petrol prices, fuel shortages, and a strain on the economy. The burden will ultimately fall on ordinary Nigerians, who are already struggling with inflation and economic uncertainty, Sani added.Calls for government interventionTinubu’s Govt Asked To Immediately Uphold Naira-For-Crude System As Higher Fuel Prices LoomSource: TwitterWe call on the government to reconsider this policy direction and prioritize the long-term benefits of local refining. Maintaining the Naira-for-Crude system will not only enhance energy security but also ensure economic stability for the country, Sani concluded.New pump prices expected as cost of fuel increases

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