Petrol Price Will soon Crash – CBN Governor, Cardoso

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has projected a fall in the pump price of petrol in Nigeria.

The CBN boss, who spoke on Wednesday in Lagos during the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report, based the projection on the coming onboard of refineries in the country.

Naija News reports that while Dangote Refinery has already commenced production, the Port Harcourt Refinery is expected to begin production soon as well.

On the basis of these, Cardoso 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.

Speaking generally about Nigeria’s economy, the CBN Governor said: “I am confident that we are already witnessing positive outcomes, and these will undoubtedly become more apparent in the near future. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.”

“Indeed, recent reports from international rating agencies such as Fitch, Moody’s, and commendations from multilateral banks like 3 Classified as Confidential the World Bank reflect this, with upgrades to Nigeria’s ratings from stable to positive. These reports acknowledge the possible reversal of the deterioration in the country’s fiscal and external position due to the authorities’ reform efforts.”