‘Nobody should expect miracle for now’ – Ojiefoh reveals when fuel price may drop

Former Commissioner for Oil and Gas, Edo State Enahoro Ojiefoh has ruled out the possibility of fuel price drop in the next few days, declaring that such miracle will not happen.

Ojiefoh spoke with News Central TV on Tuesday following the outrage over the refusal of oil marketers to revert to old price despite global drop in crude oil price.

DAILY POST reports that oil marketers have been under severe pressure to drop fuel prices following the fall of crude oil after the US-Iran tensions eased.

Only last week, Dangote Refinery which emerged as the dominant supplier of fuel slashed the gantry price by N50 with a litre of PMS sold between N1,250 to N1,300 per litre in some parts of the country.

Speaking, Ojiefoh expressed optimism that fuel price will start dropping in the next two to three weeks after the marketers have cleared their old stocks.

He said, “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.

“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.

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