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Professor Emeritus of Petroleum Economics and renowned vigor adept Wumi Iledare has explained wherefore falling crude lipid prices bash not instantly construe to a simplification successful substance pump prices.
Prof. Iledare noted that portion it is earthy for consumers to expect that if a large input falls, the prices of refined petroleum products should besides decline, it is, however, important to recognise that the narration betwixt crude lipid prices and retail petroleum merchandise prices is neither nonstop nor instantaneous.
He disclosed this successful a connection on Friday.
His remark comes amid calls by Nigerians for a commensurate driblet successful the terms of substance pursuing the driblet successful the crude lipid price.
DAILY POST reports that West Texas Intermediate and Brent crude fell to $69.34 and $72.56 per barrel, respectively, astatine astir the aforesaid complaint earlier the Iran-United States-Israel warfare escalation connected February 28, 2026.
With the falling crude prices to pre-Middle East situation levels, consumers person demanded a driblet successful the pric...
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