The National Institute for Policy and Strategic Studies (NIPSS) has assured Nigerians that petrol prices will decrease once Dangote Refinery and other local refineries begin production. Before the removal of fuel subsidies, petrol cost less than N200 per litre. However, prices have now surged to around N930 per litre, depending on the location. Despite this spike, NIPSS Director-General Ayo Omotayo expressed optimism about future relief during an appearance on The Morning Brief on Channels Television. He explained that as more refineries come online, petrol prices will begin to decline. “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,” he said. He predicted that petrol prices could drop to around N750 per litre before the end of the year and that the exchange rate would stabilise. “We’re looking at it coming down as low as N750 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,” he added. He acknowledged that Nigerians are currently facing difficulties but insisted that the country will benefit from the policy 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,” he stated.