United Nations Speaks on Petrol Price in Nigeria as NNPC, Marketers Reach Final 'Deal'
- The United Nations said that Nigeria would experience reduced petrol prices in 2024
- The UN said that due to increased domestic refining capacity in the country, the price of the commodity would likely crash
- The development comes as petrol marketers and NNPC said that there were no plans to increase the cost of the commodity
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The United Nations has predicted a decline in petrol prices in Nigeria in 2024.
The UN said in its World Economic Situation and Prospect (WESP) report for 2024 that Nigeria would achieve an increased domestic refining capacity.
Source: Getty Images
Local refining to reduce the price of petrol in Nigeria
The report said increasing in-country oil refining capacity may reduce domestic fuel costs in 2024 and beyond.
The Nation reports that the UN Department of Economic and Social Affairs (UN DESA), in partnership with the United Nations Conference on Trade and Development (UNCTAD) and the five UN regional commissions, also predicted a slight increase in Nigeria's growth rate from 2.9% in 2023 to 3.1% IN 2024.
According to the report, a moderate improvement in Nigeria's growth prospects for 2024, with a Gross Domestic Product (GDP) growth forecast of 3.1%, was attributed to policy reforms implemented by the government in 2023, especially in the hydrocarbon sector.
NNPC, marketers speak on petrol prices
The report said:
"Policy reforms enacted by the government of Nigeria in 2023, especially in the hydrocarbon sector, have contributed to a moderate improvement in the country's growth prospects for 2024, with GDP growth forecast at 3.1 per cent."
The development comes as the Nigeria National Petroleum Company Limited and Independent Petroleum Marketers Association of Nigeria (IPMAN) said there are no plans to increase petrol prices in Nigeria.
IPMAN said reports of impending petrol price increases are baseless despite the falling naira and scarcity of foreign exchange for imports.
NNPC stated there is no clash between it and the marketers on Nigeria's commodity prices.
Marketers peg petrol price at N1,200/L as 6 new refineries are set to begin operations, NNPC reacts
Legit.ng reported that the Nigerian National Petroleum Company Limited and Independent Petroleum Marketers Association of Nigeria (IPMAN) members clashed on Tuesday, January 2, 2024, over petrol subsidy removal.
The development follows the naira crash against the US dollar in the official and parallel markets.
Legit.ng reported that the local currency closed at N988 per dollar at NAFEM and N1,225 on the black market on Tuesday, January 2, 20224.
PAY ATTENTION: Unlock the best of Legit.ng on Pinterest! Subscribe now and get your daily inspiration!
Source: Legit.ng
