CBN Governor, Olayemi Cardoso, has assured Nigerians that the cost of Premium Motor Spirit (PMS) petrol will come down before the end of 2024. According to him, as both government and private-owned refineries become operational, there is a positive outlook for moderating pump prices throughout the year.
This announcement was made during the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos. Cardoso emphasized that the expected stabilization or reduction in fuel costs would have significant implications across various sectors, playing a crucial role in enhancing overall economic efficiency and resilience.
Dangote Refinery has already kickstarted production, while the Port Harcourt Refinery is anticipated to commence operations shortly. This development is anticipated to contribute to a more stable and affordable fuel market.