The National Institute for Policy and Strategic Studies (NIPSS) has provided a hopeful outlook for Nigerians grappling with the recent spike in petrol prices, predicting a decrease to ₦750 per litre by the end of 2025.
Speaking on Channels Television’s The Morning Brief, NIPSS Director-General Ayo Omotayo stated that the operationalisation of local refineries, including the Dangote Refinery, will significantly impact fuel prices.
“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,” Omotayo explained.
Omotayo also acknowledged the challenges Nigerians currently face due to the rising costs. However, he emphasized the long-term benefits of the policy, asserting that “we will make up for whatever sacrifices we have made today as Nigerians.”
He further expressed confidence that the exchange rate would stabilize, with a prediction that foreign exchange rates would drop to 1.3 by the year’s end.
Despite the immediate hardship caused by the fuel price hikes, which have seen petrol prices climb to around ₦930 per litre in some areas, Omotayo’s statements provided reassurance that the situation would improve as more refineries come online.
He added, “Most of the benefits will come in the medium and long term… the gains at this time are very little, but then in the long run, we will recover whatever sacrifices we have made today as Nigerians.”
