Ex-Commissioner Reveals When Price Of Petrol Will Reduce

A former Edo State Commissioner for Oil and Gas, Enahoro Ojiefoh, has ruled out an immediate drop in petrol pump prices.

NEWSNGR reports that Ojiefoh spoke on Tuesday during an interview on News Central TV amid pressure on oil marketers to reduce fuel prices following the decline in global crude oil prices.

The former commissioner said fuel prices could begin to drop in the next two to three weeks after marketers sell off their old stock.

“Two to three weeks from now, the price will start dropping. The energy market as it is currently, we are not sure the price will be dropped in the few days even with the negotiations in the Middle East,” he said.

“But we are sure that as soon as marketers sell off the stock they have in their locations, then new stock will come with a new price and definitely, the price will drop,” he added.

Ojiefoh said Nigerians should not expect an immediate reduction despite recent price adjustments by Dangote Refinery.

“However, at the moment, nobody should expect miracles to happen. I’m very sure that a lot of importers are already working on it,” he said.

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