Central Bank of Nigeria, CBN, Governor, Yemi Cardoso, has said the pump price of petrol will fall in 2024.
Cardoso explained that the fall
in the price of petrol would be due to government and private-owned refineries
that commenced operation.
He spoke on Wednesday, January
24, at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic
Outlook Report in Lagos.
The CBN governor said the
expected “stabilisation or reduction in fuel costs is poised to have
far-reaching implications across various sectors, contributing significantly to
overall economic efficiency and resilience”.
While Dangote Refinery has
already commenced operations, the Port Harcourt Refinery is expected to begin
production soon.
Cardoso said the apex bank, the
Ministry of Finance and the NNPCL have also collaborated to ensure that all
forex inflows are returned to the CBN to boost reserves accretion.
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