Why petrol pump price will fall in 2024 – CBN governor

Yemi Cardoso, the governor of the Central Bank of Nigeria, has predicted a decrease in fuel prices at the pump in 2024.

Cardoso clarified that the government- and privately-owned refineries that started up would cause a decrease in the price of petrol.

He gave a speech at the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report launch in Lagos on Wednesday, January 24.

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”.

The Port Harcourt Refinery is anticipated to start production shortly, although the Dangote Refinery has already begun operations.

Cardoso stated that to increase reserve accumulation, the central bank, the Ministry of Finance, and the NNPCL have agreed to guarantee that all foreign exchange inflows are remitted to the CBN.

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