The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said that Nigerians will soon benefit from the recent decline in global crude oil prices, following Dangote Refinery’s announcement of a price cut in premium motor spirit. PETROAN’s spokesperson, Joseph Obele, disclosed this in a statement on Thursday. His comments came less than 24 hours after the Nigerian government reiterated its commitment to the naira-for-crude oil sales agreement. Shortly after, Dangote Refinery reduced its ex-depot petrol price by N13, dropping from N880 to N867 per litre, as relayed to marketers. Reacting to the development, PETROAN said, “The global crude oil price continues to fluctuate. PETROAN is optimistic that the Naira-for-Crude policy will help to insulate the Nigerian economy from the volatility of the global market. “By reducing the country’s dependence on foreign exchange and promoting local refining, the policy is expected to lead to greater stability in the downstream sector and more affordable fuel prices for consumers. “With the Federal Executive Council’s directive to fully implement the policy, PETROAN is hopeful that the benefits of lower global crude prices will soon be felt by Nigerian consumers.”