The National Institute for Policy and Strategic Studies (NIPSS) has forecasted a decline in the price of Premium Motor Spirit (petrol) as Dangote Refinery and other local refineries begin full operations.
Speaking on Channels Television on Tuesday, April 1, NIPSS Director-General Ayo Omotayo expressed confidence that fuel prices would decrease once more refineries are up and running. He predicted that petrol prices could fall to around N750 per litre by the end of the year, provided the exchange rate stabilizes.
“We expect the price to drop as low as N750 by year-end, and the exchange rate should also improve to about 1.3,” Omotayo said. “This trend will continue as more local refineries come online.”
Omotayo acknowledged the ongoing economic challenges but emphasized that the long-term benefits of the policy would outweigh the current hardships. “The immediate gains are small, but in the long run, Nigerians will benefit from the sacrifices made today,” he concluded.