Fuel subsidy removal poses risk to external reserve growth – CBN
Central Bank of Nigeria, CBN, Governor, Yemi Cardoso, has said the pump price of petrol will fall in 2024.
Cardoso explained that the fall in the price of petrol would be due to government and private-owned refineries that commenced operation.
He spoke on Wednesday, January 24, at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos.
The CBN governor said the expected “stabilisation or reduction in fuel costs is poised to have far-reaching implications across various sectors, contributing significantly to overall economic efficiency and resilience”.
While Dangote Refinery has already commenced operations, the Port Harcourt Refinery is expected to begin production soon.
Cardoso said the apex bank, the Ministry of Finance and the NNPCL have also collaborated to ensure that all forex inflows are returned to the CBN to boost reserves accretion.
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1. These local refineries are going to be pumping out diesel, not petrol. Importation of petrol will continue.
2. There won’t be any fall in the pump price of petrol as long as $1 is above ₦800 (parallel or official).