“Fuel prices to drop in two weeks” – Former Edo commissioner Ojiefoh

Former Edo State Commissioner for Oil and Gas, Enahoro Ojiefoh, has assured Nigerians of an imminent reduction in the price of Premium Motor Spirit (PMS) across the country.

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Ojiefoh, however, clarified that the drop will not be as immediate or drastic as many expect.

Speaking on News Central on Wednesday, July 1, 2026, he explained that the recent price reduction by the Dangote Refinery and the global decline in oil prices — triggered by easing tensions in the US-Iran conflict — will not translate into an instant drop in pump prices.

He noted that Dangote Refinery recently slashed its gantry price by ₦50, bringing the price of a litre of PMS to between ₦1,250 and ₦1,300 in some parts of the country.

Responding to public outrage over marketers’ failure to immediately reflect the new prices, Ojiefoh said no businessman would sell at a loss.

“The oil marketers will need time to clear their old stocks before reverting to the new prices,” Ojiefoh said.

“Two to three weeks from now, the price will start dropping. Given the current state of the energy market, we are not sure the price will drop significantly in the next few days, even with the ongoing negotiations in the Middle East.

“But we are confident that as soon as marketers sell off the stock they currently hold, new stock will arrive at the reduced price and the pump price will definitely come down.

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