The Crude Oil Refinery Owners Association of Nigeria (CORAN) has predicted that the price of petrol could fall below N400 per litre if crude oil prices drop to $50 per barrel.

However, despite recent decreases in global crude prices, CORAN warnedallllpa that petrol prices in Nigeria continue to rise due to the impact of the naira-for-crude policy, foreign exchange rates, and logistics costs.

Local refineries, they argue, could reduce petrol prices significantly if supported by the government.

As global oil prices have fallen to $65 per barrel, the association calls for the continuation of policies that support local refining, which they believe could bring prices down to N350 per litre.