The National Institute for Policy and Strategic Studies (NIPSS) has assured Nigerians that with the commencement of operations at Dangote Refinery and other local refineries, the price of Premium Motor Spirit (PMS), commonly known as petrol, is expected to drop significantly in the near future.
Speaking on Channels Television’s The Morning Brief on Tuesday, NIPSS Director-General, Ayo Omotayo acknowledged that while the removal of the fuel subsidy by President Bola Tinubu’s administration initially resulted in a sharp rise in petrol prices, Nigerians should expect a decrease in the cost of fuel as more refineries come onstream.
Before removing the subsidy, petrol was sold at less than ₦200 per litre. However, following the government’s decision, the price soared to around ₦930 per litre, depending on the region.