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Petrol Prices Are Anticipated To Drop Significantly



Petrol prices in Nigeria are expected to sharply decrease. – CBN Governor

In Nigeria, the cost of gasoline is The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, expects the country’s gas prices to drop. to drastically decline.

This estimate, which was made public on Wednesday at the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report unveiling in Lagos, is predicated on the refineries’ upcoming operational state. Notably, production has already started at the Dangote Refinery, and it is anticipated that the Port Harcourt Refinery will follow suit shortly.

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Cardoso emphasized that the anticipated leveling off or decline in gasoline prices will have a big impact on a lot of different sectors and will make a big difference in overall economic resilience and efficiency.

In a broader discussion of committed and unwavering efforts.

“I have no doubt that we are already seeing positive results, and these will definitely become more evident in the near future,” he said. Significant and beneficial changes to our economy are expected as a result of the committed and persistent efforts being made.

Additionally, Cardoso mentioned praises from multilateral banks like the World Bank and new findings from global rating agencies like Fitch and Moody’s.

These reports note that Nigeria’s ratings have been upgraded from stable to positive, indicating that the government’s reform initiatives may have reversed the country’s declining fiscal and external position.

economy, the CBN Governor expressed optimism in seeing successful results and emphasized the ongoing.



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