The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, foresees a decrease in the pump prices of Premium Motor Spirit (PMS) petrol as both government and private-owned refineries commence operations.

Cardoso during the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos, announced the potential reduction in fuel prices. He  highlighted the positive impact that stabilized or reduced fuel costs could have on various sectors, making a substantial contribution to overall economic efficiency and resilience. Cardoso specifically noted the commencement of production at the Dangote Refinery and the upcoming operations of the Port Harcourt Refinery.

The CBN Governor also stated that the naira is currently undervalued, expressing confidence that coordinated measures on the fiscal side will facilitate genuine price discovery in the near term. “We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term,” he said.