The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, declared on Wednesday, January 24, that the pump prices of petrol are set to decrease throughout the year. This optimistic outlook comes as both government and private-owned refineries prepare to commence operations.
Speaking at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos, Cardoso highlighted the expected positive impact of the stabilisation or reduction in fuel costs. He emphasized that this development would have far-reaching implications across various sectors, contributing significantly to overall economic efficiency and resilience.
While the Dangote Refinery has already begun production, Cardoso revealed that the Port Harcourt Refinery is anticipated to commence production in the near future.
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