The federal government’s inconsistent fuel pricing policies continue to deepen the hardship faced by ordinary Nigerians.
Development Diaries reports that, according to oil marketers, Nigerians will soon heave a sigh of relief as the naira-for-crude deal is set to resume.
According to media reports, the Federal Executive Council (FEC), after an initial delay, has directed the full implementation of the suspended naira-for-crude agreement with local refiners.
It said the initiative with local refineries is not a temporary measure but a ‘key policy directive designed to support sustainable local refining’.
While the directive by the FEC offers a ray of hope to Nigerians who have long struggled under the burden of increasing fuel costs, the reality is that fluctuations in fuel prices, largely driven by policy inconsistencies and forex instability, continue to destabilise daily life.
The halt in naira sales by Dangote Refinery earlier in March led to depot owners increasing loading costs, which effectively raised pump prices from around N860 to about N960 per litre.
This led to consumers paying at least N70 more than what it used to cost them to buy a litre of the PMS.
Since fuel is essential to transportation, business, and small-scale manufacturing, any increase has a direct impact on the livelihoods of the populace.
The government’s move to resume the naira-for-crude initiative signals an effort to address this problem, but if there is no clear, time-bound, and transparent strategy, the gains from such policies will be short-lived.
It is not enough to make periodic policy announcements, Nigerians need assurance through structured implementation plans backed by data, and supported by stronger participation from local refineries.
Also, evidence-based communication on how soon prices will drop and what mechanisms are in place to monitor compliance is crucial to rebuilding public trust.
Therefore, Development Diaries calls on the federal government to go beyond this policy reinstatement and develop a clear roadmap for stabilising fuel prices.
This roadmap should outline timelines, expected outcomes, and contingency plans, and should be supported by regular public updates.
