The publicity secretary of the Crude Oil Refinery-owners Association of Nigeria, CORAN, Eche Idoko, has explained that rising domestic fuel prices in Nigeria can be curtailed if the Federal Government adopts a holistic approach across the petroleum value chain.

Speaking on Wednesday in a statement released amid persistent volatility in global crude oil prices, Idoko said that pump prices are influenced not only by refining capacity but also by broader economic and structural factors.

According to him, three key drivers currently determine fuel prices in Nigeria, which include international crude oil prices, foreign exchange pressures, and the high cost of logistics and distribution.

He noted that even with increased local refining, gasoline prices would continue to rise if these underlying issues are not addressed.

Idoko stressed that while increased crude allocation to the Dangote Refinery and other local refineries would help ease supply constraints, such a move must be implemented strategically.

He called on the government to strictly enforce the Domestic Crude Supply Obligation, DCSO, ensuring that local refineries receive priority access to crude oil before exports.

He also advocated for the adoption of a fair domestic crude pricing model, arguing that crude supplied to Nigerian refineries should not include full international export costs such as freight and insurance, as this would lower refining and pump costs.

The CORAN spokesperson further urged authorities to stabilize the naira-for-crude framework to reduce the impact of exchange rate volatility on fuel pricing while also ramping up crude oil production to boost supply for both domestic use and export.

Idoko emphasized the need for broader support across the refining sector, noting that beyond the Dangote Refinery, modular refineries such as Waltersmith Refinery, Aradel Holdings, and Duport Midstream Company should also receive government backing to enhance competition and ensure supply stability.

He added that reducing downstream logistics costs—including transportation, port charges, poor road infrastructure, and multiple levies—would significantly lower the final price consumers pay at the pump.

On whether increased crude allocation would help reduce fuel prices, Idoko answered in the affirmative but warned that such allocation must be predictable, fairly priced, and extended to all operational refineries.

“Nigeria must not just refine locally but must also price and allocate crude strategically for domestic energy security,” he said, stressing that this is the sustainable path to lowering fuel prices.

His comment comes as crude oil prices on Tuesday fell below $100 per barrel, which sparks calls for the Dangote Refinery to drop its gantry petrol price after several hikes in March 2026.

DAILY POST reports that since Iran and the United States-Israel started on February 28, 2026, petrol retail pump prices have surged by more than 50 percent to between N1,361 and N1,380 per liter in Abuja and its environs.