The federal government is strengthening an initiative to boost oil and gas swap plans, incorporating a regulator-mandated netting mechanism, the first of its kind globally, to help refiners reduce refining costs. Stakeholders are working out the broader details of the swap mechanism. The move is driven by volatility in retail petrol prices, which have risen more than sixfold since President Bola Tinubu ended fuel subsidies in May 2023. Retail petrol prices have been affected by external pressures, including the US-Iran war, rising by 22.7 per cent.
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