The National Institute for Policy and Strategic Studies (NIPSS) has forecasted that the cost of Premium Motor Spirit (petrol) will decrease as Dangote Refinery and other domestic refineries begin operating at full capacity.
During an appearance on Channels Television on Tuesday, April 1, NIPSS Director-General Ayo Omotayo shared his confidence that fuel prices would reduce once additional refineries start functioning.
He anticipated that petrol prices might fall to approximately N750 per litre by the year’s end, provided the exchange rate becomes more consistent.
“We’re looking at it coming down as low as N750 before the end of the year. And of course, foreign exchange will still drop to about 1.3 before the end of the year, and it is going to continue like that as more of our refineries come into place,” he explained.
Omotayo recognized the present economic challenges but maintained that the policy would ultimately prove advantageous for Nigerians over time.
“The gains at this time are very little, but in the long run, we will make up for whatever sacrifices we have made today as Nigerians,” he affirmed.
A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.
Nnamdi Okoli