Adebayo Adenrele
The Governor of Central Bank of Nigeria(CBN), Olayemi Cardoso has said the pump prices of Premium motor spirit (PMS), popularly known as petrol will fall soon as federal government and private-owned refineries begin operation.
The CBN Governor stated this on Wednesday, at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos.
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.
While Dangote Refinery has already commenced production, the Port Harcourt Refinery is expected to begin production anytime from now.
Cardoso said the apex bank, the Ministry of Finance and the NNPCL have collaborated to ensure that all FX inflows are returned to the Central Bank to boost reserves accretion.
