By Funso Alarape
Wednesday January 24, 2024
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Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, has assured Nigerians that the pump price of petrol will fall in 2024
Cardoso who stated this on Wednesday at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos, explained that the fall in the price of petrol would be due to government and private-owned refineries that commenced operation.
The CBN governor said the expected “stabilization or reduction in fuel costs is poised to have far-reaching implications across various sectors, contributing significantly to overall economic efficiency and resilience”.
While Dangote Refinery has already commenced operations, the Port Harcourt Refinery is expected to begin production soon.
Cardoso said the apex bank, the Ministry of Finance, and the NNPCL have also collaborated to ensure that all forex inflows are returned to the CBN to boost reserves accretion.
Recall that the Dangote Refinery established in Lagos announced two weeks ago that it has begun production after many months of delay.
The President of the Dangote Group, Alhaji Aliko Dangote expressed appreciation to President Bola Tinubu for his vision and support which he said encouraged him to embark on the refinery project some years back.
Dangote said that the historic start of domestic refining of petroleum products will eliminate dependence on importation of refined products in the country
Dangote also thanked the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Nigerians for their support and belief in the historic project
The Dangote Group added that three prominent associations, that constitute 75 percent of the total market in Nigeria have been registered.
They are the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), the Independent Petroleum Marketers Association of Nigeria, (IPMAN), and the Major Oil Marketers Association of Nigeria, (MOMAN).
Meanwhile, the Nigerian National Petroleum Company Limited has commenced the supply of crude oil for the test-running of the Port Harcourt Refining Company Limited,
Oil marketers confirmed the development and stated that the plant would supply refined Premium Motor Spirit, popularly called petrol, Automotive Gas Oil, otherwise known as diesel, as well as other products to 12 states including Abia, Rivers, Akwa Ibom, and Delta, among others.
The NNPCL stated that the ongoing test-running of the plant would be completed shortly, adding that commercial production of refined products would also begin shortly.
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