News
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.
ALSO READ:Bashir Bayo Ojulari: Meet NNPC’s New Group Chief Executive Officer
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.
-
Latest1 week agoOne killed as ethnic clash erupts in Ibadan following reported overnight stabbing (video)
-
Aviation5 days agoNigeria ends third-party visa processing in U.S, directs applicants to embassy, consulates
-
Agribusiness1 week agoStrengthening Nigeria’s Food Production Through Reliable Water Storage Infrastructure
-
Business6 days agoSEC sets July 10 deadline for Q2 ownership, capital flows returns
-
Business5 days agoFCCPC floors Air Peace as Court upholds authority to probe airline fare complaints
-
News5 days agoEdo Police impose movement restriction ahead of Saturday’s LG’s elections
-
Business5 days agoHeavy reliance on portfolio inflows threatens Nigeria’s $51bn reserves — EBC
-
Business3 days agoNCC chief highlights trust as key to Nigeria’s digital transformation