The National Institute for Policy and Strategic Studies (NIPSS) has predicted that the price of Premium Motor Spirit (petrol) will decline as Dangote Refinery and other local refineries commence full operations.
Speaking on Channels Television on Tuesday, April 1, NIPSS Director-General Ayo Omotayo expressed optimism that fuel prices would fall once more refineries become operational.
He projected that petrol prices could drop to around N750 per litre before the end of the year with a more stable exchange rate.
“We’re looking at it coming down as low as N750 before the end of the year. And of course, foreign exchange will still drop to about 1.3 before the end of the year, and it is going to continue like that as more of our refineries come into place.
Omotayo acknowledged the current economic hardships but insisted that the policy would benefit Nigerians in the long run.
“The gains at this time are very little, but in the long run, we will make up for whatever sacrifices we have made today as Nigerians” he stated