Motorists said many filling stations across the FCT are yet to adjust their fuel pumps to reflect the drop in prices.
He said Nigeria should think beyond OPEC production quotas and target higher crude oil output to maximise value.
Mr Gillis-Harry recalled that a similar situation occurred during the Gulf War in the 90s when the country reportedly earned over $12 billion in oil windfall.
Projecting future trends, Mr Gillis-Harry warned that petrol could rise to close to N2,000 per litre, while diesel could approach N3,000 per litre if the situation persists.
![Fuel queue at NNPC filling station [Credit: ThankGod Sabastine/Peoples Gazette]](https://gazettengr.com/wp-content/uploads/Screenshot_20230320-070535_WhatsAppBusiness.jpg)
PETROAN has stressed the urgent need to consolidate and strengthen Nigeria’s domestic refineries by providing adequate, consistent crude oil supply.
PETROAN described the executive order as a reform-driven step to boost accountability and investors’ confidence in Nigeria’s energy sector.
Mr Dangote had on Sunday accused the NMDPRA chief of economic sabotage and corruption, saying it was undermining domestic oil refining in Nigeria.
Mr Gillis-Harry said that with the naira-for-crude policy, the benefits of lower global crude prices would be passed on to consumers, leading to reduced fuel prices.
PETROAN said the bold move was expected to alleviate the financial burden on Nigerians amidst rising inflation.
