Nigerians to buy petrol N750 per litre before December – NIPSS
NIPSS KURU
The Nigerian Institute for Policy and Strategic Studies (NIPSS) has confirmed that Nigerians should expect a crash in the price of premium motor spirit (petrol) with the coming on board of Dangote refinery as well as others.
The Director-General of NIPSS Ayo Omotayo disclosed this on Monday, April 1, 2025, during a programme on Channels TV, The Morning Brief.
According to him the short- term gains of the subsidy removal is the coming on board of Dangote refinery as well as the Port-Harcourt refinery that has worked continuously for several days now.
He said, “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 further stated that although the price of fuel is a bit expensive currently, the prediction at the national institute suggests that the price of fuel will come down eventually if the current actions are maintained.
“We are buying fuel a little bit more expensive, but as we predict at the national institute that if we continue with what we are currently doing, fuel, by itself, will come down. We’re looking at it coming down as low as N750 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 will continue like that as more of our refineries come into place. We will become a net exporter in the long run,” he said.
The gains at the moment are little, however that will change in the long run and Nigerians will make up for every sacrifice made today.
“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.” For the NIPSS DG, the subsidy removal was timely as Nigeria was on the verge of collapse.
“So for us at the National Institute, it was a very timely step that Mr. President took, and it has come a long way in saving Nigeria,” he added.
Omatyo concluded that better days are ahead of the country.
