Ex-Commissioner Finally Reveals When Nigerians Will See Cheaper Petrol Prices

A former Edo State Commissioner for Oil and Gas, Enahoro Ojiefoh, has said Nigerians should not expect an immediate reduction in petrol pump prices despite recent developments in the oil market.....KINDLY READ THE FULL STORY HERE▶

Speaking during an interview on News Central TV on Tuesday, Ojiefoh explained that fuel prices are likely to begin declining within the next two to three weeks, once oil marketers exhaust their existing stock.

His comments come amid growing calls for marketers to lower petrol prices following the recent drop in global crude oil prices.

According to Ojiefoh, the current market situation makes it unlikely for pump prices to fall within the next few days, even as negotiations continue over tensions in the Middle East.

He noted that once marketers sell off fuel purchased at higher prices, new supplies acquired at lower costs will enter the market, paving the way for a reduction in pump prices.

Ojiefoh also urged Nigerians to be patient, stressing that the recent price adjustment by Dangote Refinery would not immediately translate into lower prices at filling stations.

He added that while many fuel importers are already making plans to adjust their pricing, consumers should not expect an instant change.

Meanwhile, Dangote Refinery recently slashed its gantry price by ₦50, with petrol currently selling for between ₦1,250 and ₦1,300 per litre in some parts of the country.