Price of Petrol Will Reduce in 2024 – CBN Governor

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has announced that the price of petrol will reduce in 2024.

According to Cardoso, the reduction will happen because the government and private-owned refineries will begin operations soon.

When that happens, he said, it will boost the Nigerian economy and make it more resilient.

He added that the Dangote Refinery has already started production, and the Port Harcourt Refinery will soon follow.

Furthermore, he revealed that the CBN, the Ministry of Finance, and the NNPCL are working together to ensure that all forex inflows are returned to the CBN to boost reserves accretion.

The apex Bank Governor spoke on Wednesday, January 24, at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos.

He said:
“Stabilisation or reduction in fuel costs is poised to have far-reaching implications across various sectors, contributing significantly to overall economic efficiency and resilience.”