The Governor of the Central Bank of Nigeria has assured Nigerians that petrol prices will decrease as refineries begin to operate.

Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has predicted that the prices of Premium Motor Spirit (PMS) petrol will reduce as refineries, both government-owned and privately-owned, commence operations. The announcement was made during the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos.

Cardoso emphasized the potential positive impact of stabilized or reduced fuel costs on various sectors, contributing significantly to overall economic efficiency and resilience. He also pointed out that Dangote Refinery has already started production, and the Port Harcourt Refinery is expected to follow suit soon.

Additionally, Cardoso stated that the naira is currently undervalued. However, he expressed confidence that coordinated measures on the fiscal side will facilitate genuine price discovery in the near term. “We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term,” he said.

The Governor of the Central Bank of Nigeria has assured Nigerians that petrol prices will decrease as refineries begin to operate.

ByAllNigeria

By AllNigeria

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