₦airaland Forum

The National Institute for Policy and Strategic Studies has assured Nigerians that the price of Premium Motor Spirit, also known as petrol, will drop as Dangote Refinery and other local refineries begin operations.

Before the fuel subsidy removal, petrol was sold for less than ₦200 per litre.

Now, prices have surged to around ₦930 per litre, depending on location.

Despite the increase, NIPSS Director-General Ayo Omotayo said there is hope for relief in the future when he featured on Channels Television’s The Morning Brief on Tuesday,

Omotayo explained that as more refineries start working, fuel prices will begin to fall.

“With the removal of the first subsidy, we have Dangote Refinery coming on. We have the other refineries. The refinery in Port Harcourt has worked continuously for 110 days if I’ve counted right! These are the short-term gains,” he said.

He predicted that petrol prices could drop to around ₦750 per litre before the end of the year and that the exchange rate would stabilise.

“We’re looking at it coming down as low as ₦750 before the end of the year. And of course, foreign exchange, we believe, 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.

“We will become a net exporter in the long run,” he added.

He acknowledged that Nigerians are currently facing difficulties but insisted that the country will benefit from the policy in the long run.

“The gains at this time are very little, but then in the long run, we will make up for whatever sacrifices we have made today as Nigerians,” he stated.

Defending the removal of subsidy, Omotayo stated that while the impact may be tough now, the decision will benefit the country in the long run.

Omotayo said, “Most of the benefits will come in the medium and long term. For now, the government has introduced palliatives to help ease the burden on the poor. We all need to adjust our spending.”

He acknowledged that the gains might not be immediately visible but emphasised that, “In the long run, we will recover whatever sacrifices we have made today as Nigerians.”

https://punchng.com/petrol-pricesll-drop-to-%e2%82%a6750-per-litre-by-year-end-says-nipss/?amp

Depends. Especially if oil prices stay low.

If oil prices shoot up again, then we may end up with N1300 per liter.

What a drop!
Na serious drop

See foolish people abeg

Defending emiloko

Till then. Everything depends on the naira performance

To usher in the campaign year.
We are waiting and watching.
Then the deception continues

It is well

Hehehehee

That's not the issue at hand

First let the naira appreciate considerably

Then watch as see how other things would fall in place

Take the fuel price to 197 as tilumbu meet it then we can start talking

When campaign in Ogun,tilumbu said "farabale" we would bring down the dollar, we still dey wait for the alarm clock to ring and the dollar to drop against the naira

Awon werey Alaso

These ones that are eating Nigeria s money

Continue to be deceiving people that want to be deceived

Petrol Marketers be like ....

There is still no difference between your 6 and 7

Awon oloriiibu

I told you all they were scamming you from the beginning. Wait till election time and you’ll see how much Petrol will drop to give the impression that TPain is working, but that will only last till after the election, like TraderMoni

We are waiting to see it happening

Amen! Amen! Amen 🙏

This analysis is too simplistic, this may be so if

1. The situation in the middle east becomes less volatile

2. Issue of settlement in dollars is resolved

3. The anticipated trade war abates

4. THE OTHER REFINERIES REALLY WORK

5. All other things remain constant

Rubbish

Abinafokadina useless government

For Agbadorians , crude oil prices is a major input. This is simple buying and selling principle not one political stooge talking trash from his gutters.
The policy Master didn't tell us when Banditry, hunger and multi dimensional porverty will end

Another lies , propaganda and madness from. Assorock druggie

Deceit upon deceit

Fela talk am finish " this government he bad o"

The government is so disconnected from the people. Who will save the people now. This austerity too much.

I wonder the boldness of some the nonentities that are defending this useless government. Probably they think the masses are fools and have no bearing at all. Some are even saying that Tinubu will be voted in again and there is nothing the masses can do. Truly we live in a strange world. A world where the oppressors will continue to oppress and brag you can't do anything. Tinubu is just a calamity.

Government of deception and propaganda, I pity their useless supporter who are going to go home disgraced like Buhari supporters.


🤣🤣🤣🤣🤣🤣🤣🤣

yimu

Scam

Lol, story for the gods. Continue deceiving yourselves.

Many Nigerian experts just say things without backing it with any data.

It is like they believe in miracles.

We can clearly see what they are doing with dangote refineries.

What do you think they will do with the others.

..and #750 is an achievement.
Our government is useless sincerely