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CBN Governor Foresees Drop in Pump Prices as Refineries Function

Speaking at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos, the Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso shared optimistic projections that the pump prices of petrol will decrease this year with the commencement of operations at both government and privately-owned refineries.

Cardoso highlighted the significance of this expected reduction in fuel costs, emphasizing its potential far-reaching implications for various sectors. The Governor anticipates that the stabilization or reduction in petrol prices will play a pivotal role in enhancing overall economic efficiency and resilience.

The commencement of production at the Dangote Refinery marks a significant milestone, and the imminent start of operations at the Port Harcourt Refinery further reinforces the potential for a positive impact on fuel prices.

Cardoso underscored collaborative efforts between the Central Bank, the Ministry of Finance, and the Nigerian National Petroleum Corporation Limited (NNPCL). These efforts are aimed at ensuring that all foreign exchange (FX) inflows are redirected to the Central Bank, contributing to reserves accretion and bolstering the nation’s financial stability.

As Nigeria looks toward increased self-sufficiency in petroleum refining, the expected reduction in petrol prices signals a positive development for consumers and various economic sectors. The collaborative measures taken by key financial entities demonstrate a commitment to optimizing the benefits of the refining sector for the broader economic landscape.

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