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.
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
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