Former Edo State Commissioner for Oil and Gas, Enahoro Ojiefoh, has cautioned Nigerians against expecting an immediate reduction in fuel prices, despite the recent fall in global crude oil costs.
Speaking on News Central TV on Tuesday, Ojiefoh said the current outrage over oil marketers’ refusal to revert to old prices was misplaced, stressing that “nobody should expect miracles to happen.”
He explained that fuel prices would likely begin to ease within two to three weeks, once marketers clear their existing stock.
“Two to three weeks from now, the price will start dropping,” Ojiefoh assured. “As soon as marketers sell off the stock they have in their locations, new stock will come with a new price and definitely, the price will drop.”
His comments come after Dangote Refinery, now the dominant supplier of fuel, reduced its gantry price by ₦50 last week, with petrol selling between ₦1,250 and ₦1,300 per litre in parts of the country.
Ojiefoh added that while negotiations in the Middle East have helped ease tensions and lower crude prices, the Nigerian energy market requires time to adjust.
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