The product was sold for less than ₦200 per litre before the removal of fuel subsidy by President Bola Tinubu; it currently sells for around ₦930 per litre, depending on the area. NIPSS Director-General Ayo Omotayo attributed the anticipated price drop to the operations of the Dangote Refinery and other local refineries, including the Port Harcourt refinery, which has reportedly been running for 110 days.

Omotayo noted that while fuel prices have surged since President Bola Tinubu's removal of the subsidy -rising from under #200 per litre to around #930 in some areas-ongoing reforms would gradually ease the burden. He also predicted a further drop in foreign exchange rates, which could strengthen economic stability. “We are buying fuel a little bit more expensive, but as we predict at the National Institute that if we continue with what we are currently doing, fuel by itself will come down.

We’re looking at it coming down as low as ₦750 before the end of the year. And of course, foreign exchange, we believe, will still drop to about 1.3 before the end of the year, and it is going to continue like that as more of our refineries come into place. We will become a net exporter in the long run. “The gains at this time are very little, but then in the long run, we will make up for whatever sacrifices we have made today as Nigerians.”