Enahoro Ojiefoh, the former Commissioner for Oil and Gas in Edo State, stated that citizens should not anticipate an immediate reduction in fuel costs. During a recent interview with News Central TV, he addressed growing public frustration regarding the failure of oil marketers to lower prices despite a downward trend in global crude oil rates.
While recent international tensions have subsided, leading to a decline in crude prices, local marketers remain under pressure to adjust their retail costs. Recently, the Dangote Refinery reduced its gantry price by N50, resulting in retail figures between N1,250 and N1,300 per litre in various regions.
Ojiefoh remains hopeful, projecting that market prices will likely decline within two to three weeks. He explained that current inventories must be depleted before new, lower-priced supplies can enter the market. He emphasized that for the time being, significant price changes should not be expected until existing stock is fully exhausted.
