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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.
The report said increasing in-country oil refining capacity may reduce domestic fuel costs in 2024 and beyond.
The media had reported 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.
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 that there is no clash between it and the marketers on Nigeria’s commodity prices.
It had been reported that the Nigerian National Petroleum Company Limited and Independent Petroleum Marketers Association of Nigeria (IPMAN) members clashed on January 2, 2024, over petrol subsidy removal.
The development follows the naira crash against the US dollar in the official and parallel markets.
SOURCE: trendevouz.com