Petrol price may drop to ₦750 per litre before year end – NIPSS

The National Institute for Policy and Strategic Studies (NIPSS) has projected a reduction in petrol prices, estimating that the cost could fall to as low as ₦750 per litre by the end of the year.

Speaking on Channels Television, NIPSS Director-General Ayo Omotayo attributed the anticipated price drop to the operations of the Dangote Refinery and other local refineries, including the Port Harcourt refinery, which has reportedly been running for 110 days.

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Omotayo noted that while fuel prices have surged since President Bola Tinubu’s removal of the subsidy—rising from under ₦200 per litre to around ₦930 in some areas—ongoing reforms would gradually ease the burden.

He also predicted a further drop in foreign exchange rates, which could strengthen economic stability. “In the long run, Nigeria will benefit from these sacrifices, and we will eventually become a net exporter of refined petroleum products,” Omotayo added.