THE Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on regulatory bodies in the oil and gas industry to monitor the importation of substandard petroleum products, as the renewal of the naira-for-crude agreement is delayed.

PETROAN made the call in a statement on Thursday, April 3 by its spokesperson, Joseph Obele.

It noted that as the naira-for-crude tenure had ended, the association was cautioning refinery operators to prioritise the importation of high-quality crude oil.

“We call on regulatory agencies to be on high alert and conduct thorough laboratory analysis on all crude oil imports to ensure they meet the required standards.

“We also urge the relevant authorities to ensure that refinery operators adhere to the highest standards in their operations, including the importation of high-quality crude oil,” Obele stated.

The ICIR reports that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) are apex regulators in the Nigerian downstream and upstream oil and gas sector.

In the statement on Thursday, Obele said the association is concerned that the importation of substandard petroleum products would compromise the quality, undermine the growth and development of the oil and gas industry, and ultimately harm Nigerian consumers.

“We urge the refinery operators to ensure that the crude oil imported meets global standards to guarantee the production of high-quality petroleum products.

“It is noteworthy that Nigerian crude oil, classified as Sweet Crude (with less than 0.5 per cent sulphur content), is among the best in the world, and we see no reason why imported crude oil should be of lower standards,” he stressed.

He said the notion that the price of petroleum products might likely increase as the naira-for-crude deal comes to an end is a serious concern to PETROAN.

“To avoid this scenario and ensure price stability and energy sufficiency, PETROAN advocates that the window for importation of refined petroleum products should remain open,” Obele said.

He, however, said PETROAN was optimistic that the recent increase in the price of petrol is temporary.

Obele noted that the federal government’s reforms under the Petroleum Industry Act (PIA) encourage competition in the downstream sector, maintaining that competition is a catalyst for price reduction in any sector.

“We believe that as the market adjusts to the new realities, prices will stabilise and eventually decrease.

“To further protect the interests of our members and the Nigerian consumers, PETROAN will be vigilant and proactive,” he said.

The PETROAN spokesman hinted that the association would conduct laboratory tests on refined petroleum products to ensure its members and the public are not sold substandard products.

The Dangote Refinery on March 19 announced a temporary suspension of its sale of petroleum products in naira to oil marketers.

This comes as the naira-for-crude initiative, which started on October 1, 2024, and ended on March 31, 2025, has yet to be renewed, The ICIR reported.

The deal mandates that the Nigerian National Petroleum Company Limited (NNPCL) sell crude oil to Dangote Refinery and other local refineries in naira.

During the period, the pump prices of petrol products dropped sharply to about N860 in some retail outlets across the country.

However, following a delay in negotiations for the renewal of the deal, the Dangote Refinery on March 19 announced a temporary halt on the sale of petroleum products in naira.

Since then, the pump prices of petrol have been adjusted upward to above N900 in major cities, including Lagos and Abuja.