Financial economist, Dumebi Oluwole, has explained why the recent fall in world pricing of Brent from over $100 per barrel pre-war levels to roughly $72 has not yet been reflected at fuel pumps across the country.
Even the federal government in Nigeria has called for prices to be reduced to match global developments, Channels TV reported.
Oluwole said the global prices of Premium Motor Spirit (PMS) or petrol are just beginning to decline gradually, and may not be as quickly as projected.
“It is very important we contextualise what is happening and why it is happening the day it is now.
“On petrol, the biggest factor is uncertainty.
“The MoU between the US and Iran is not necessarily an agreement. And only yesterday strikes from both sides in the Strait of Hormuz were ongoing,” she said.
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