Lokpobiri: Nigerians May Not See Immediate Reduction in Petrol Prices

Nigeria's Minister of State for Petroleum Resources, Heineken Lokpobiri, has warned that petrol prices may not drop soon due to global energy market fluctuations and the ongoing crisis in the Middle East.

Lokpobiri explained that crude oil and petroleum products are traded internationally, affecting domestic fuel prices. The instability in the Middle East could put further pressure on energy prices globally.

He noted that Nigeria cannot independently dictate petrol prices under the current deregulated system, as it is aligned with global best standards worldwide.

Lokpobiri also stated that even a significant increase in Nigeria's crude oil production would not automatically translate into cheaper petrol, as crude remains a globally traded commodity.