Anticipated Drop in Petrol Prices Forecasted by CBN Governor, Olayemi Cardoso

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During the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos on January 24, CBN Governor Olayemi Cardoso announced that the pump prices of petrol are expected to decrease this year. He highlighted the upcoming operations of both government and private-owned refineries as key contributors to this decline.

Cardoso emphasized the potential impact on various sectors, anticipating that the stabilization or reduction in fuel costs would significantly enhance overall economic efficiency and resilience. Notably, Dangote Refinery has already commenced production, and the Port Harcourt Refinery is poised to follow suit in the near future.

To support this initiative, Cardoso disclosed collaborative efforts between the apex bank, the Ministry of Finance, and the NNPCL. Their joint efforts aim to ensure that all foreign exchange (FX) inflows are redirected to the Central Bank, contributing to reserves accretion and further strengthening the economy.

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