The United Nations has predicted a decline in petrol prices in Nigeria in 2024 as a result of a number of economic initiatives undertaken by the government.
The world body said in its World Economic Situation and Prospect (WESP) report for 2024 that Nigeria will 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 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.
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.
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.
There were earlier reports that the local currency closed at N988 per dollar at NAFEM and N1,225 on the black market on Tuesday, January 2, 2024.