Former Edo State Commissioner for Oil and Gas, Enahoro Ojiefoh, has dismissed expectations of an immediate reduction in the pump price of petrol, saying Nigerians should not anticipate a price cut within the next few days.
Speaking on News Central TV on Tuesday, Ojiefoh addressed growing public concerns over the refusal of fuel marketers to lower prices despite the recent decline in global crude oil prices following the easing of tensions between the United States and Iran.
The calls for a price reduction intensified after Dangote Refinery, now a major supplier of Premium Motor Spirit (PMS), reduced its ex-depot (gantry) price by ₦50 last week. Despite the adjustment, petrol continues to sell for between ₦1,250 and ₦1,300 per litre in some parts of the country.
According to Ojiefoh, consumers are more likely to see lower pump prices in the next two to three weeks, once marketers have exhausted their existing fuel stock purchased at higher prices.
“Two to three weeks from now, the price will start dropping. Looking at the current situation in the energy market, we are not expecting prices to fall within the next few days, even with the ongoing negotiations in the Middle East,” he said.
He explained that marketers would only be able to reflect the lower costs after selling off their current inventory and replacing it with new supplies purchased at reduced prices.
“As soon as marketers clear the stock they already have, new supplies will come in at a lower price, and that will definitely be reflected at the pumps.
“At the moment, however, nobody should expect miracles to happen. I’m confident that many importers are already making arrangements to bring in products at the new pricing,” Ojiefoh added.
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